thinkmoney Chooses Token for PSD2 Compliance
Turnkey open banking platform provider Token.io has been chosen by UK financial institution thinkmoney to deliver PSD2 compliance and open banking capabilities before the first Regulatory Technical Standards (RTS) deadline in March.
thinkmoney is a current account that offers customers budgeting and money management coaching. The firm is integrating TokenOS into its banking platform to establish PSD2 compliance and enable the systems flexibility required for it to develop value-added open banking services in the future, such as bank direct payments and account aggregation.
Following amendments to the RTS, European banks have until 14 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 needed to succeed.
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 to offer a frictionless and highly secure consumer payment experience, while also reducing the cost of payment acceptance.