“This transformation will extend well beyond the current race to comply. “The costliest mistake financial institutions can make in the move to open banking is to focus only on the immediate fix,” said Lee Cameron, senior vice president, FinKit, Digital Banking, Fiserv. Financial institutions also have the option to utilize FinKit for Open Banking to authenticate TPPs and gain required consumer consent for information sharing. The solution includes access to pre-built PSD2 and Open Banking APIs and facilitates ongoing compliance through API version control, release management and distribution, the company said.įiserv added that the white label developer portal enables financial institutions to engage TPPs. PSD2 and the open banking initiative are providing the regulatory impetus for banks to digitally engage and allow greater competition from FinTechs and others who see an opportunity to use the banks constraints to their advantage.

“Sound strategic choices taken while these regulations are in their infancy will allow institutions to manage their resources to ensure compliance today, and to focus on innovation and competitiveness long-term.”Īccording to Fiserv, FinKit for Open Banking is a complete, fully managed service to run, monitor and support the application programming interfaces (APIs) needed to share information with trusted third-party providers (TPPs), while also facilitating business services and enabling developers. London - 23 February 2017 - Monitise plc (LSE: MONI). “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. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced a new. “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.”įiserv said FinKit 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. Fully managed solution offers the efficiency and flexibility needed to maximise the opportunity of open banking BROOKFIELD, Wis. “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,” said Fiserv.

BROOKFIELD, Wis.–Fiserv announced it has launched FinKit for Open Banking to help financial institutions meet and keep pace with rapidly unfolding regulations.

Finkit for open banking