Financial services companies operating in Europe have until September 2019 to become fully compliant with the regulation, which requires banks and wealth managers to adapt their digital infrastructure and capabilities to allow third-party businesses to access permitted customer data, offer personalised services and become part of the customer’s financial ‘ecosystem’.
PSD2, which came into force in January 2018, regulates payment services and payment service providers throughout the Europe. For the first time it will allow third parties to access customer data (if the customer approves) to provide value-added payments and banking services. Under the implementation process, institutions will have to offer their open Application Programming Interface (APIs) to third-party providers for testing and integration six months before the final implementation date of September 2019. This means that their APIs must be ready from March 2019.
In response to high demand from its banking and wealth management clients, Avaloq has launched PSD2 software and PSD2-as-a service solutions, with a range of deployment options tailored to different configurations. Its PSD2-as-a-service solution comes already integrated into Avaloq’s core banking software and digital banking technology. It can be delivered as a solution to banks and wealth managers using software-as-a-service (SaaS) or business process-as-a-service (BPaaS) models as well as banks running Avaloq on their premises.
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