Avaloq, a digital banking and wealth management software developer, has launched a suite of dedicated PSD2 solutions to help financial institutions capitalise on open banking.
European financial services have until September to fully comply with PSD2, which necessitates banks and wealth managers evolve their infrastructure and capabilities to provide third-party businesses with access to consumer data.
As part of compliance, financial institutions have to offer their APIs to third-party providers so they can conduct testing and integration. API access must be provided six months before the compliance deadline in September, giving institutions until March to be ready.
Avaloq has released a selection of PSD2 services to support this transition. Its ‘PSD2-as-a-service’ is already integrated into the Avaloq core banking software and can also be offered as a turn-key solution.
The company develops technology-driven financial services to wealth management, universal and retail banks. The Avaloq Banking Suite contains a fully integrated, modular banking solution of back, middle and front office functionalities, offering solutions to ensure financial institutions can comply with tightened regulations.
Avaloq regional manager EMEA 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.”
Earlier in the year, NetGuardians became a certified software partner of Avaloq to support real-time fraud prevention. NetGuardians developed a certified adapter with Avaloq to connect its machine learning risk platform NG|Screener to the Avaloq Banking Suite, giving its solution more integration adaptability.
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