London-based Fiorano Softwar has launched a new platform solution to help banks to comply with the European Union’s Revised Payment Service Directive (PSD2) regulations.
Founded in 1995, Fiorano provides enterprise integration middleware, high performance messaging and distributed systems. The new platform, dubbed Fiorano PSD2, will provide a seamless solution that integrates with all core banking platforms and can be implemented in weeks.
With the deadline to comply with PSD2 set for January 2018, banks must fight against time to get their IT systems ready.
Fiorano PSD2, an end-to-end PSD2 solution, built on the industry’s leading banking Integration and API Management infrastructure, provides a comprehensive solution for banks to become PSD2 compliant according to the company.
It facilitates banks with functionality to secure APIs for exposing critical account information, predefine flows for typical payment scenarios, offer detailed transaction history for all consumer account activity and create complete cryptographic traces of each transaction with detailed logs.
Atul Saini, CEO of Fiorano Software, said: “By building on PSD2 as a solution on top of a tightly integrated API Management and ESB platform, Fiorano masks complex technical details, dramatically simplifies the time and effort for.”
Given the increasingly complex requirements placed by regulatory authorities, along with the heavy fines imposed for inadequate compliance, a number of RegTech’s companies are tackling certain legislations.
According to the Global RegTech Review report, 43.99% of the 416 companies analysed address KYC and AML solutions. MiFID II toke third spot on the list, with more than 15 per cent of the companies offering solutions.
Basel III, PSD2, Solvency II and AIFMD are the next most highly addressed regulations, with 92 companies providing solutions to help their clients address these regulations more effectively.
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