Token.io, an open banking platform provider, has partnered with Tandem Bank to help it meet PSD2 compliance and leverage open banking opportunities.
Following the 14 March deadline for financial institutions to have their systems live for external testing, the challenger bank is looking to go beyond core compliance, it said. Tandem is integrating Token’s open banking solutions to its core platform, including APIs, and will aim to develop innovative services which make use of new opportunities in payments.
In addition to PSD2 compliant APIs, the bank will make use to the Token BankPay which enable seamless direct payments. It also has access to Token Connect which will increase the catalogue of aggregated banks through a single integration.
By working with Token, will be able to improve user experiences, and utilise an outsourced TPP management certification and support.
Tandem CEO Ricky Knox said, “So far, most open banking services have focused on account aggregation. Our approach goes much further. With Token’s platform we can comply with the PSD2 regulation quickly and efficiently. This means we can focus our efforts on differentiating ourselves with an improved user experience – leveraging both AISP and PISP use cases to provide smarter, more personalised banking products that solve real people’s problems with money.”
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.
Late last year, Tandem formed a partnership with Almoayed Technologies to bring open banking to the MENA region. Its solution would give banks in Bahrain will access a common platform to offer open banking payment and information services quickly and efficiently.
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