Swiss fintech company Avaloq has introduced dedicated Payment Services Directive II (PSD2) solutions to support open banking.
European banks and wealth managers are mandated to become fully compliant with the PSD2 norm by ends of September 2019. The regulation requires them to enable the third-party businesses to access permitted customer data.
They are also required to provide their open Application Programming Interface (APIs) to third-parties by March 2019 for testing and integration, before the final implementation.
Avaloq PSD2 solutions
Avaloq PSD2 as a service solution is equipped with its core banking software and digital banking technology.
The solution can be delivered as a turn-key, secured solution using software as a service (SaaS) or business process as a service (BPaaS) models.
The banks and wealth managers can also run Avaloq on their premises.
Avaloq EMEA regional manager Paco Hauser said: “Banks operating in the European Economic Area have to comply with PSD2 but will also face competitive risks if they do not stay in control of their clients’ user journeys and data as they integrate with third-party services.
“This raises significant considerations around seamless performance, authentication and security, GDPR and costs, to name a few.
“Our new solutions have been developed to address these challenges and let banks and wealth managers benefit by giving their clients access to new functionalities while retaining ownership of the primary client relationship.”
The new PSD2 solutions offer multiple deployment options to fit into different configurations.