“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 Ken Paterson, vice president, Special Projects, Mercator.

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.įinKit 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. 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. Fintech, Finance, Technology, Banking Highlights – 26 April 2018įiserv, a global provider of financial services technology, has launched FinKit for Open Banking to help financial institutions meet and keep pace with rapidly unfolding regulations.

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