On 14 March, PrivatBank has launched a new platform PrivatBank Open Banking, providing the companies working in FinTech sector and creating effective and innovative solutions with an opportunity to exchange data between the bank and various digital services upon request of the customer.
Second Payment Services Directive (PSD2) came into force in 2016, and its purpose is to govern the single market for payments in the European Union. The Directive lays down the rules for payments in EU and European Economic Area, as well as for cross-border transfers, ensuring fair competition among financial organisations and more understandable rules for service users. Concept of Open Banking was developed based on PSD2 to create a transparent system of banking services.
A comment by the Member of the Board of PrivatBank Robert Schoepf:
I am pleased to report the launch of PrivatBank Open Banking platform. Open banking platform is a great opportunity to enhance the quality of the banking services and the level of customer service. We can understand the needs of our current customers better, and the bank is able to offer targeted consultations, most suitable products and better prices. I invite companies engaged in financial technology and all interested parties to register and obtain access parameters to our Sandbox environment.
Currently our platform offers the so-called Sandbox, which is an environment designed for testing and experimenting. You can register and test the data currently available in the platform.
PrivatBank Open Banking complies with all the regulatory technical standards established by the European Bank Authority to mitigate the risk of fraud.
Several of the security factors are the mandatory two-factor authentication and guarantee of safety of the data transmission channels.
In the near future PrivatBank will be able to offer more advanced platform to FinTech companies and the Bank customers, as the functionality of the current platform is continuously improved and upgraded with new options, applications and services.
PrivatBank Open Banking platform is developed by Nordic financial services industry leader Tieto. Ilkka Korkiakoski, Vice President, Head of Transaction Banking at Tieto comments:
We aim to digitalise the payments industry through our open and modular platforms, to deliver innovative and integrated products that exceed our customers’ expectations. We are happy to cooperate with PrivatBank and help them not only comply with the financial industry regulations, but also open up opportunities for co-innovation and new services to be offered to their customers.