Finland-based Enfuce has provided its PSD2 compliance software to financial services group OP Financial Group to support compliance in the Baltic states.
Following the PSD2 implementation date in September 14th 2019, banks and financial institutions have needed to offer and open their APIs to third-parties. This has enabled customers to get access to more personalised financial services.
Enfuce has built a PSD2 compliance tool which supports back-office services including full-audit trail, TPP Support, 24/7 monitoring, dispute handling and API development.
OP Financial Group head of development and maintenance in the Baltics Jari Jokisilta said, “The goal of the Baltic PSD2 project was to ensure compliance to the Second Payment Service Directive requirements in OP’s Baltic business in Estonia, Latvia and Lithuania.
“The scope was to follow up the country specific requirements set by each operating country’s PSD2 legislation, Competent Authorities and ensure the needed actions to meet the requirements. Enfuce enabled us to comply with PSD2 and focus on utilizing the possibilities.”
The Finnish Financial Supervisory Authority (FIN-FSA) granted OP Financial Group an exemption from setting up fallback mechanisms due to high-levels of compliance and security.
Earlier in the year, Enfuce deployed its PSD2 technology to fellow Finnish financial institution Rocker.
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