Luxembourg-based FinTech and RegTech specialist Finologee today announced the integration of its "PSD2 for Banks" module into the Swiss private banking platform and software provider New Access' systems.
While New Access is a leading private banking software provider in over eighteen countries and supports more than 180 software installations for private banks and wealth management firms, Finologee facilitates European banks to comply with PSD2 (EU directive on payment services) and Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) using a single connection to the bank’s infrastructure.
Through this strategic partnership, New Access, which has already integrated Finologee’s "PSD2 for Banks" module into its own platform to serve two of its client banks, will now provide it to its client banks in eighteen countries. As a result, Finologee will expand its international presence and availability to many European territories in the upcoming months while ensuring full PSD2 compliance for New Access’ clients.
As a first step, the focus will be on New Access’ Luxembourg, Liechtenstein and UK clients in order to meet the 14 September 2019 deadline imposed by PSD2.
This collaboration aims to contribute towards a more accessible and better-connected EU-wide payment ecosystem.
Jonathan Prince, Finologee’s co-founder and CSO, stated: “This partnership is the perfect illustration of the global trend around APIs in the Financial Industry and its advantages for banks to meeting regulatory obligations fast and efficiently. It also shows the roles and the benefits brought by the different stakeholders with New Access integrating seamlessly for its client banks and Finologee providing a proven high quality PSD2 compliant API already used by 32 Financial Institutions in ten different European countries”.