PSD2 is expected to transform the European financial sector, establishing what is known as Open APIs for banking. The directive aims to increase competition and transparency in the European payments market, improve access to accounts and strengthen internet banking security. As a consequence, banks have to implement an Open API enabling third parties to access customer data securely using SCA (Secure Customer Authentication).
KAL will provide technology to enable banks to achieve PSD2 compliance with its open banking solution, KTH. This is one of several technologies to be launched by KAL as part of its KAL-Payments initiative, according to the company’s press release.
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