Open banking platform developer Token has formed a partnership with thinkmoney to support the company with its PSD2 compliance.
thinkmoney is hoping to utilise Token’s solution to meet PSD2 compliance and open banking capabilities before the first deadline for the Regulatory Technical Standards, which is in March.
The company will integrate the TokenOSTM solution into its banking platform to meet compliance and increase flexibility to integrating other services.
European banks have until 14 March 2019 to build a dedicated interface for external testing by Payment Initiation Service Providers and Account Information Service Providers. If they are unable to meet this, instead they have to offer a contingency mechanism, such as a web-based online or mobile interface for TPP screen scraping.
By working with Token, thinkmoney will be able to connect with any bank in Europe, and also access crypto-based security, open APIs and customisable money technology. It will also be provided with support, consent management, monitoring and reporting tools.
Some of the new offerings it can utilise include the ability to aggregate account information from various external sources, make bank direct payments, and partner with other developers.
thinkmoney is a digital banking platform which helps customers access and manage their finances digitally. Through the platform, users are able to access a current account, credit card, home and life insurance, and loans.
Token co-founder Marten Nelson said, “Banks across Europe now have three months to ready their interfaces for testing. Just because the regulatory deadline is looming, however, doesn’t mean they have to compromise on security or customer experience with shortcut options like screen scraping.
“thinkmoney’s long-term vision is to use open banking to deliver value to customers and support innovation. With TokenOS integrated, it need not worry about PSD2 compliance, and can focus on using the tools to develop new services instead.”
Earlier this week, Token partnered with Almoayed Technologies, which uses specialist knowledge and strategic insights to support technology innovation in the Middle East. By coming together, the companies are hoping to bring open banking capabilities to the MENA region.
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