“Can Greece's largest legacy bank become the embedded banking infrastructure layer for Greek businesses by opening its rails to ERP and software ecosystems?”
National Bank of Greece is Greece's oldest and largest commercial bank, historically operating as a universal bank covering retail, business, and corporate banking. Over the last several years it has invested heavily in open banking infrastructure, launching a developer portal with Account Information, Payment Initiation, and Confirmation of Funds APIs. A key strategic pivot has been the creation of embedded banking partnerships — notably Epsilon Pay with EPSILON NET and OnePay with SoftOne — directly embedding NBG banking services into ERP systems. Simultaneously, NBG spun off its card acceptance business into a joint venture (NBG Pay) with Global Payments, signalling a shift from owning the full payments stack to partnering with specialist infrastructure providers.