28 European Banks are now live with the Finologee ‘PSD2 FOR BANKS’ platform
Finologee provides its ‘PSD2 for Banks’ product to 28 private and commercial banks operating in 9 European countries. Having successfully deployed 17 custom branded “access to account” portals that allow third-party providers to carry out tests using mock data, Finologee is empowering financial institutions in the ecosystem to achieve full compliance in line with required deadlines.
The PSD2 regulation requires all account servicing providers (banks) with online payment accounts to have in place the technical specifications of their access interfaces and a publicly available testing facility for third-party providers, commonly referred as a “sandbox” environment, with secure APIs, documentation and support, on March 14th, six months prior to the September deadline.
Finologee’s PSD2 for Banks product has been designed to help banks achieve compliance with the Revised Payment Service Directive (PSD2). Even though this product is readily available, Finologee gives financial institutions the power to cherry-pick the services and APIs they need in order to open-up their data to third-party providers. Finologee’s teams, taking into consideration every client’s specific requirements, work on providing each bank with its own white-labelled PSD2 Access to Account portal, with its own design and under its own brand. Because of this flexibility and customisation features, the company’s PSD2 for Banks product has become the preferred choice for private and commercial banks that want to provide their own environments to third-party providers and developers that meet their specific quality standards, branding requirements and feature sets.
In the race to meet legislative deadlines it is important to remember that when new technology is implemented, and critically depended upon, it must come with the expertise to make it run smoothly and power the business to its full potential. Finologee, thanks to its technological excellence and 12-year expertise in building and running business-critical digital finance platforms – Mpulse & Digicash – has a full holistic view and approach on the PSD2 implementation process. Finologee also operates under a Luxembourg “PSF de Support” IT provider license granted by the Luxembourg Minister of Finance.
Regardless of the company’s deep technical and regulatory knowledge, Finologee operates in alliance with market experts such as Clearstream Services for hosting and managed services and KPMG for PSD2 regulatory reporting and advisory.