What is PSD2
PSD2 regulations ensure that banks will create mechanisms to enable third party providers to work securely, reliably and rapidly with the bank’s services and data on behalf of their customers. Whilst the EU does not explicitly require banks to use Application Programming Interfaces (APIs) to meet their PSD2 obligations, most believe this is the best way forward.
01. Faster time-to-market
Less than 6 months to comply
Pre-built APIs to provision PSD2-compliant APIs
Testable banking APIs across sandbox, production and partner deployments
02. Beyond PSD2
Future proofing the bank from other upcoming regulation such as PSD2 in the EU
Open further premium APIs and engage in privileged relationship with fintech partners
03. Successfull track record
Over 30 bank customers including tier-1 banks in Europe and abroad
Over 50 sandboxes in the last 5 years
04. Ecosystem
Connect to a rich community of global #Fintech startups and over 8000 developers that drive innovation at the bank
Multiple working Apps to the bank from day one
Open Bank Project / TESOBE
At Open Bank Project/TESOBE, we believe that banks should not think of PSD2 as a compliance dilemma or market threat but more as an opportunity to embrace the new world of open banking. Open banking provides an opportunity for banks to become closer to customer needs and to build a differentiated relationship with those using their services. Utilising the Open Bank Project API Platform offers a fast-track introduction of APIs into bank architecture, allowing banks to focus on new opportunities delivered by this infrastructure.
How can the Open Bank Project help?
Open Bank Project (OBP) is the leading open source API solution for banks. It enables financial institutions to securely and rapidly offer an ecosystem of 3rd party apps and services to their customers, and one which builds on PSD2 regulation. For the last three years, our team has been working on a PSD2 compliance platform to help banks to quickly become compliant and to scale their fintech partnership efforts. To learn more about how the Open Bank Project can help your bank handle PSD2 requirements such as TPP Registry, API Gateway, Consent Management, Risk Engine, Multi-factor Authentication and SCA, Berlin Group specifications and more, please download this report.
Try it out!
The Open Bank Project PSD2 API sandbox deployed with this report creates an avenue for banks to securely share information, helping customers access bank services required by PSD2 (such as transaction history) and providing access to further premium APIs. Authentication processes correspond to PSD2 requirements. This sandbox provides a great showcase for what a PSD2 platform might look like. Try it our at psd2-api.openbankproject.com