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European PSD2 Directive creates attractive business opportunities for trusted third parties (TPP). To take advantage of it, TPPs need to act agile, chart a precise strategy and be able to quickly implement it. Understanding this need, we have created Fintin - a safe, innovative and ready to implement solution, fully compliant with the PSD2 Directive.
Second Payment Services Directive (PSD2) obliges banks to open and provide information on clients’ accounts and their transaction histories to the Small Payment Institutions, digital service providers and other companies which can have an idea on creating new products or services based on banking data.
The PSD2 directive creates new business opportunities and sets a direction for the development of financial institutions and trusted third parties. It seems that all you need to do is having an idea for an innovation, becoming a Third Party Provider (TPP) and asking banks for access to their data. However, it turns out that there is a number of technical obstacles associated with multiplicity and variability of standards used by banks, for a TPP to overcome. And time is not your ally here as the banks will share their APIs on 14th September.
In order to enable the companies which want to introduce their innovative ideas to the market quicker than their competition, we have created Fintin. Fintin is a comprehensive PSD2 adapter, which makes the problem of standards’ multiplicity used by banks disappear. It is a secure, fully compliant with the PSD2 Directive and market-ready solution and its integration is smooth and swift.
The experience gained while implementing a first Open API solution for banking sector, at Alior Bank, inspired us to create a product that will help companies to meet challenges posed by PSD2.