Qatar Islamic Bank UK has picked a solution, supplied by Volante Technologies, to comply with the PSD2 and open banking regulations.
The bank said it will implement Volante’s VolPay Channel: Open Banking as well as the PSD2-compliant APIs provided by the vendor’s partner Token.
Building upon Volante’s partnership with Token who provide PSD2 compliant APIs, VolPay Channel: Open Banking will deliver a complete ‘out-of-the-box’ solution for handling complex orchestration related to PSD2 regulation, along with flexibility to handle the evolving Open Banking landscape.
Founded in 2001, Volante Technologies is a global leader in the provision of software for the integration, processing and orchestration of payments and financial messages within financial institutions and corporate enterprises.
Nadish Lad, global head of payment products, Volante Technologies, commented, “Banking practice and regulation is changing faster than ever, and it is important to lay down a firm foundation for Open Banking and payments orchestration rather than embarking on piecemeal development. The complexity is not only in the integration, it is also around adapting multiple use cases for a seamless improved customer experience.”
VolPay Channel will manage the two-way communication between the API layer and the bank’s systems. It will also tie the authentication and execution of the payment into a ‘meaningful user journey’ across multiple use cases.
The solution provides banks with an option to work with multiple TSPs in one or more geographies. It also includes high degrees of automation enabling a rapid implementation with minimal disruption to QIB.
Philip Benson, senior operations manager, QIB (UK), commented, “By using Volante’s ready-made PSD2 solution, we are able to become PSD2 compliant within only a few months, without having to divert costly IT resource to the project. This enables us to focus on our core business and we continue to serve our UK clients in the best way possible.”
Headquartered in San Francisco, and with offices in London and Berlin, Token’s cloud-based API operating system, TokenOS, enables connections and aggregation of multiple banks to multiple Third-Party Providers (TPPs). Its open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers.
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