Banking software company Temenos and LUXHUB, a European Open Banking API platform service provider, are helping Fortuna Banque prepare for PSD2.
Through the collaboration, Fortuna Banque has chosen to use the LUXHUB service platform, in conjunction with the Temenos T24 Core Banking PSD2 module, as it first step to comply with the PSD2 Directive and standards.
Temenos and LUXHUB will allow Fortuna Banque to open up the mandatory Application Programming Interfaces (APIs) in time to meet the deadline for effective application of the regulatory technical standards. The pair also said they will also help Fortuna Banque avoid the “Fall-Back Option” of using a bank’s online banking interface.
Mike Felten, director, Fortuna Banque said: “Investing in digital transformation is crucial to accelerate innovation, create added value and enrich our customers’ experience. Temenos T24 Core Banking coupled with the LUXHUB platform and services will enable Fortuna Banque to easily comply with the PSD2 directive.
“Moreover it allow us to take advantage of the new Open Banking economy, which will arise in the near future.
Another reason behind choosing LUXHUB as its service provider together with Temenos’ packaged upgradable software is the ‘very competitive total cost of ownership of the proposed solution’, Felten added.
Another key factor to choosing LUXHUB as our service provider together with Temenos’ packaged upgradable software is the very competitive total cost of ownership of the proposed solution’.
PSD2, which went into effect in January, is placing new demands on the underlying technology architectures of incumbent banks. The regulation brings with new demands such as the need for real-time 24×7 support for open Application Programming Interfaces (APIs) and messages, scalability to deal with the higher transaction volumes, and enhanced security and authentication.
Earlier this year, Temenos teamed up with LUXHUB to create the PSD2 solution for banks. Through the partnership, the two want to help banks meet PSD2 standards and leverage additional opportunities available via the new API economy.
Steen Jensen, managing director – Europe at Temenos, added: “We are excited by this opportunity to work with Fortuna Banque to implement the Temenos PSD2 solution and to maximize the Open Banking market opportunities which they have, building on their decision to use Temenos’ T24 Core Banking and Channels solutions.
“PSD2 is placing new demands on the underlying technology infrastructures of incumbent banks and Temenos provides a fully integrated front-to-back API-based architecture that addresses the technology challenges of PSD2 and open banking.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
