Estonian financial institution Tallinn Business Bank (TTB) will use open banking platform Token to meet PSD2 compliance in new partnership deal.
TTB will integrate the PD2TM into its infrastructure to meet PSD2 compliance before the September deadline.
To help with PSD2 compliance, TTB will also be working with digital transformation startup Icefire. Its technology removes the need of human interactions, automating a selection of banking services such as payments, card processing, credit products, risk management, fraud prevention, KYC, onboarding, and banking.
Working with these companies will support the flexibility and scalability of TTB when initiating and managing transactions. Additionally, the bank can be access by any regulated third-party provider in Europe.
The bank also gains crypto-based security and programmable money technology, as well as operational support, consent management, monitoring, and reporting.
TBB chairman of the board Igor Novikov said, “Token’s platform is the fastest, most secure and most cost-effective route to meeting the RTS requirements.
“Our work with Token and Icefire is enabling us to comply with PSD2 quickly and efficiently so we can focus on our business and consumer clients, including recently launched services such as settlements, import and export crediting and complex financing.”
TTB is the latest European bank to partner with Token in a bid to support their PSD2 compliance efforts. The FinTech company has formed deals with Sberbank Slovenia and Croatia, Tandem Bank, and thinkmoney, helping them all to ease compliance burdens.
Token founder and CEO Steve Kirsch said, “With the final deadline for RTS compliance fast approaching, European banks need to act quickly. Our turnkey open banking solution is enabling TBB to comply with PSD2 without resorting to shortcut options such as screen scraping.
“That’s the aim of Token PSD2 – to empower banks to capitalise on open banking, free from the burdens of technical integration and regulatory compliance.”
It is not only partnerships Token has been seeking, having recently closed a $16.5m strategic investment from BNP Paribas’ venture arm Opera Tech Ventures. Funds from the round are to support the development of its platform and building new payment methods.
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