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PSD2: Payment Services Directive/Open Banking Compliance
The second Payment Services Directive (PSD2) regulation in the European Union and the Open Banking mandate in the United Kingdom are intended to increase competition and stimulate innovation in the financial system.
Both require banks to become proficient at strong customer authentication (SCA) and make available secure application programming interfaces (APIs) for customer data sharing and consent.
We can help forward-thinking banks capitalize on new opportunities to expand customer relationships and drive new revenue.
Beyond compliance with PSD2 and Open Banking regulations, we can help banks capitalize on new opportunities to expand customer relationships and drive new revenue. We can show you how to expand your offerings so you can establish your bank as an account information service provider (AISP) and a payment initiation service provider (PISP). The key is providing customers with the trusted identities they need to access all their banking services. Our authentication solutions enable this smart consumer-focused strategy.
- Users download your app and follow your existing opt-in process.
- They then photograph an approved government-issued identity document. Our solution accepts most driver’s licenses, passports and national IDs (an ever-increasing list of 3,500 approved documents worldwide).
- Our authentication service verifies the document, matches it to the selfie image and validates the smart phone (device integrity).
- Users are either approved, denied or issued a challenge, based on policies and rules you establish.
- Users are up and running in minutes.