Open banking platform supplier Token.io has formed yet another partnership this year, helping Sberbank Croatia to meet PSD2 compliance and offer open banking services.
Sberbank Croatia, which is a subsidiary of Sberbank, will integrate the TokenOSTM solution into its infrastructure in order to establish PSD2 compliance. It will also empower the system with open banking capabilities, such as bank direct payments and account aggregation.
By working with Token, the bank can be accessed by any regulated by any regulated third-party provider in Europe. It is also backed by crypto-based security and programmable money technology, as well as operational support, consent management, monitoring, and reporting.
This agreement is an extension to an existing relationship which began last year with the Slovenian branch.
Token has been making a plethora of partnerships with financial institutions over the course of the year. The FinTech only recently made a similar PSD2 compliance support deal with Tandem Bank, Khaleeji Commercial Bank and thinkmoney.
Sberbank Croatia CEO Csaba Soos said, “The development of digital technology is one of Sberbank’s key strategic objectives and our partnership with Token demonstrates that progress is well underway at Sberbank Croatia.
“By cooperating with Token, we can offer an improved user experience and a larger portfolio of value-added services for both our corporate and retail customers.”
San Francisco-headquartered Token is a single API developer which aims to support banks and third parties with PSD2 compliance. The platform enables both players to connect and build bank direct payment methods and data aggregation solution for customers.
Token is not just partnering with financial institutions. The company teamed up with fellow digital banking platform Omnio Group to support the deployment of the Token open banking and PSD2 compliance tools.
RegTech startup Konsentus also paired up with Token to help financial institutions accelerate their PSD2 compliance. Konsentus gives Token automated checking and verification of third-party providers which request access to a bank’s data and payment system.
Earlier in the month, Sberbank united with Gazprombank and Digital Horizon to foster the growth of biometric capabilities.
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