thinkmoney chooses Token for PSD2 compliance

Token will deliver PSD2 compliance and open banking capabilities before the first Regulatory Technical Standards (RTS) deadline in March 2019.

thinkmoney is the current account that offers customers budgeting and money management coaching. The company is integrating TokenOS into its banking platform to establish PSD2 compliance and enable the systems flexibility required for it to develop new value-added open banking services in the future, such as bank direct payments and account aggregation.

thinkmoney customers rely on its current account as a hub to manage all their finances, allowing them total visibility of bills and payments to know exactly what they have available to spend.

Following amendments to the RTS, European banks have until 14th March 2019 to develop a dedicated interface ready for external testing by Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs). Those that are not ready must instead provide a contingency mechanism, such as a web-based online or mobile interface for TPP screen scraping.

With TokenOS, thinkmoney can connect to any bank in Europe and has access to crypto-based security, open APIs and programmable money technology, together with the operational support, consent management, monitoring and reporting.

Before the RTS deadline, thinkmoney will have access to developer tools to build and access a range of new applications. This includes the ability to aggregate account information from multiple external sources, initiate bank direct payments and partner with developers.