FinKit for Open Banking helps banks remain compliant and capitalize on new opportunity
The move toward open banking, driven by the European Union's Second Payment Services Directive (PSD2) and the United Kingdom's Open Banking Implementation Entity (OBIE), will transform financial services. As a result of these regulations consumers will be able to access financial information and initiate certain transactions previously only available through financial institutions through other parties they trust and interact with regularly.
FinKit for Open Banking is designed to enable immediate and long-term compliance with these regulations and put in place the capabilities required for banks to maximize the opportunity of open banking.
"Though PSD2 and Open Banking are chiefly viewed as regulatory
requirements, they represent a significant opportunity for banks to
partner with trusted third-party providers to integrate financial
services into their customers' everyday lives, while also driving more
innovation inside the banks," said
FinKit for Open Banking is a complete, fully managed service to run, monitor and support the application programming interfaces (APIs) needed to share information with trusted third-party providers (TPPs), while also facilitating business services and enabling developers. The solution includes access to pre-built PSD2 and Open Banking APIs and facilitates ongoing compliance through API version control, release management and distribution.
A white label developer portal enables banks to engage TPPs. Financial institutions also have the option to utilize FinKit for Open Banking to authenticate TPPs and gain required consumer consent for information sharing.
"The costliest mistake financial institutions can make in the move to
open banking is to focus only on the immediate fix," said
In a world moving faster than ever before,
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