Payment Service Directive 2 (PSD2), get ready for Open Banking with ease!

What is PSD2?

​PSD2, which came into force in January 2018, regulates payment services and payment service providers throughout Europe. The goal is to allow third parties to access client data (Upon approval) to provide value-added payments and banking services. Under the implementation process, financial institutions will have to propose their open Application Programming Interface (APIs) to third-party providers (TPPs). The implementation deadline was the 14th September 2019, and although that has passed, working groups of stakeholders continue to discuss the finer technical aspects of the directive’s application. Furthermore, the work that is being carried out now will no doubt lay the foundation for future directives on Open-Banking in the EU (PSD3, PSD4, etc.).

History: Payment Service Directive

Our executive brief on PSD2 and Open Banking.

What could the new wave of competition bring to the financial sector?

API

Opium.PSD2™

Opium.PSD2™ solution integrates with your core banking platform. It is delivered as a turn-key and secured solution to any Bank, Financial Institution or ASPSP that complies with the payment service directive II, or wants to go for Open-Banking.

Opium.PSD2™ intensively uses Robotic Process Automation (RPA)

 Thanks to its smart engine that automates workflows and that complies with Berlin-Group standards, Opium.PSD2™ solution tremendously decreases TPP support as well as web service publications. It also ensures that both Sandbox and On-Premise platforms are synchronized through the authorization directory. 
 

Opium.PSD2™ delivered as a mixed proposal is the SECURED approach

PSD2 uses eIDAS certificates, the highest level of qualified digital certificate for electronic signature. You cannot take the risk of sharing your certificate private key, that would allow anyone to electronically sign for you!

We make it easy so you can avoid the hassle

Sandbox: We manage all aspects of the Sandbox for you in the form of a Business Process as a Service. We provide all the technical and secured infrastructure and take care of the TPPs' testing and integration processes, from documentation supply to technical support.
Live: Once the TPP is ready, our dedicated Sandbox platform informs you and automatically publishes all the necessary technicalities to your "On-Premise" Opium.PSD2 platform.
PSD2 should not be perceived as a competitive risk, but as an opportunity to also become a TPP and therefore offer added-value services to existing and potential customers.
When bundled with Opium.eBanking™ suite, existing OeB clients can immediately take advantage of the opportunity by giving their clients access to new added-value services while retaining ownership of the primary relationship.
Need more details? Contact us
We look forward to hearing from you!
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