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The March deadline, which envisaged ‘dedicated interface’ (open APIs) ready for testing by PISPs and AISPs, is behind us. However, we are witnessing that not all banks, particularly small and medium-sized ones, were able to prepare and are now struggling to come up with the mechanisms that will help them handle the challenge. If you are among those who feel a bit too overwhelmed because you couldn’t manage the first PSD2 milestone, here is some good news for you: all hope is NOT lost and quick catch-up CAN be made if you act now.
Although 14 September, the final deadline for compliance with all PSD2 RTS requirements, is 6 months ahead, this doesn’t mean it’s time to be relaxed. One milestone to conquer before that is still looming. On 14 June, a production environment for the execution of transactions should be up-and-running. But, first things first – “sandbox”, a testing environment, needs to be available and operational as a priority, along with secure APIs, documentation, and support. With the solution and approach offered by Asseco SEE, you don’t have to take a short-term shortcut to compliance, aka screen scraping. If you have considered this as your contingency plan, be assured that you don’t want to take that path. There is no need to run the risk of compromising customers’ accounts and personal information, while there is a secure and quickly deployable solution at hand.
Facing immense pressure and tight PSD2 deadlines, the most practical option to choose is a PSD2 solution offered as a service: PSD2 Enabler in Cloud!
PSD2 Enabler in Cloud is compliant with the Berlin Group NextGenPSD2 API standard and NISP certification. Among 2,400 banks which are under the PSD2 regulation and which are to comply with the Berlin Group standard, your bank may one of those that opt for a solution by Asseco SEE, the only vendor that has joined NextGenPSD2 Implementation Support Programme (NISP) to help facilitate PSD2 implementations. Tests run in order to be NISP certified prove the quality and reliability of PSD2 Enabler.
As roadside assistance, here is a list of steps you can follow:
1. Read more about the possibilities of PSD2 Enabler which are also available in Cloud: click here
2. Download a free PSD2 RFP template: click here
3. Download a free e-book: PSD2 Regulatory Guidance: What is required and how to address it?
4. Watch a free PSD2 webinar for some more insights: click here
5. Schedule a free consulting call with our expert: click here
How can PSD2 Enabler in Cloud help you fast track your PSD2 compliance?
With the deadlines flying by at the speed of light and difficulty to stay on track, you can mitigate the risk of falling behind by choosing a solution that can be deployed quickly and without hassle. With PSD2 Enabler in Cloud, you can rest assured that no investment in the infrastructure is required from you. Even more, if the technology and the system you currently use allow that and you use the Berlin Group standard, you can take advantage of quick installation and, with the support of Asseco SEE, establish a fully operational sandbox in 5 days!
On top of that, the involvement of your resources is reduced to the minimum reasonable level. As Asseco SEE takes care of the infrastructure and services, your IT admins can dedicate their time to other activities important for your business development. Furthermore, the SaaS model offers higher vendor support compared to the on-premise option, which also relieves you from worries about the maintenance, upgrade or update. This is what the service provider keeps on its own list of duties.
The solution in Cloud which covers PSD2 compliance also comes as an investment-friendly option. With low costs and minimum changes to your system, you can achieve implementation of PSD2 and RTS requirements in a lightweight manner and fulfil the requirements of three pillars critical for compliance:
- Exposing XS2A APls
- Establishing strong customer authentication (SCA)
- Monitoring transactions with a fraud management tool
Asseco SEE’s out-of-the-box solution for PSD2 compliance in its SaaS version is hosted on a Microsoft Azure platform in a data centre in the European Union. The data centre complies with the highest standards and rigorous requirements of SOC3, PCI DSS, ISO 27001, ISO 27017.
More than 7 European Banks Rely on PSD2 Enabler by Asseco SEE
More than seven banks that operate in Belgium, Malta, Romania, and Croatia have already chosen PSD2 Enabler, either as on-premise or SaaS option, recognizing the importance of cooperation with Asseco SEE as a vendor that has:
- NISP certified solution
- Berlin Group NextGenPSD2 API standard compliant solution
- Fast deployment approach
- Representatives in important bodies (Berlin Group Advisory Board, NISP Steering Committee, BIAN Architecture Committee)
- Proven track record of solution implementation
- International know-how
- Futureproof PSD2 Enabler platform that can be easily expanded
From PSD2 Compliance to Open Banking
Once you meet the requirements of PSD2 and RTS on 14 September 2019 with minimum effort, complexity and costs thanks to PSD2 Enabler in Cloud, you don’t have to stop there. The compliance project can continue beyond mandatory and mark the beginning of a new era – open banking. With a business strategy and revenue model that takes advantage of PSD2, you can switch to a new level in a secure and effective way. Without additional load for your internal resources, you can develop your digital banking section by using PSD2 Enabler as an excellent starting point and step into account aggregation, customer onboarding, sales, and origination. Open APIs and Open Banking open up the world of limitless possibilities!
No More Delays. Kick-Start Your PSD2 Compliance In Cloud Now!
Time will tell to which extent the regulation that has changed the banking world as we know it was a revolution and achieved its goal to protect consumers while fostering innovation and competition. Yet, we are certain today that this disruption has caused us all, payment and banking players, as well as technology providers, to reconsider our operations, make changes and upgrades, and most importantly, to realign data management, communication with third parties, and risk management. What we can do together now without further delay is get you started and accelerate your PSD2 compliance journey!
For any questions related to PSD2 you may have, feel free to contact us directly and we will help you deliver what the regulation requires and meet the final PSD2 deadline without any hassle!