Capgemini has unveiled a new open banking solution to help banks and payment service providers (PSPs) to provide services compliant with European Union’s Revised Payment Service Directive (PSD2) regulations.

The vendor said that its new platform, dubbed PSD2 Open Banking Solution, will reduce compliance costs by speeding up strategy definition, readiness assessment, and implementation capabilities.

The platform, hosted on Amazon Web Services (AWS) cloud, offers an Open API program to support the new PSD2 requirements and allow banks and PSPs easily exchange data.

The platform also offers smart tokens that combine tokenisation and public-key cryptography to offer banks and PSPs control of the transaction chain. In addition, it facilitates centralised, real-time monitoring of all platform components and transactions.

Capgemini head of global banking and capital markets Anirban Bose said: “There is an opportunity for banks to turn the PSD2 regulatory compliance investment into a catalyst for accelerated digital innovation by differentiating for their businesses and leapfrogging the constraints of legacy technology.

“We expect that this will mark a clear shift in how we partner with our clients to transform their businesses by unlocking new and exciting opportunities through digital innovations powered by the Open API solution.”