Bank Leumi (UK) has selected Volante Technologies’ VolPay Open Banking PSD2 solution to help it meet compliance and enable open banking models.
By teaming with Volante, Bank Leumi is hoping to meet necessary PSD2 requirements by integrating the VolPay service. In addition to compliance, the solution integration will open Leumi up to new open banking channels.
The VolPay PSD2 service can integrate with a bank’s existing infrastructure, including payment engines and core banking systems, through an API management layer which gives access to the entirety of the bank’s environment. Bank Leumi will also be able to expand into other value-added services through the use of APIs.
Volante Technologies provides financial institutions with a selection of services including payments, compliance and process automation. The VolPay solutions offer a suite of applications designed to aid payment onboarding, processing, clearing and validating.
Volante Technologies global head of payment products Nadish Lad said, “Volante’s VolPay Open Banking solution provides out-of-the-box compliance with EU PSD2 regulation and enhanced capability for a rapid implementation within the bank’s environment.
“The bank not only achieves compliance quickly, it also helps lay the foundation for the bank’s consideration of future revenue generating channels and opportunities. We commend Bank Leumi for their vision of PSD2 compliance as a stepping stone towards playing a wider role in the open API space.”
Pepper, the mobie banking division of Leumi Bank, recently released a study on thoughts of C-suite and director level decision-makers at retail banks towards PSD2. The report found 58 per cent of respondents felt PSD2-led Open Banking regulation has had a ‘negative’ impact on their organisation.
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