Allevo develops software app for PSD2 generation

Wednesday 6 December 2017 09:06 CET | News

Allevo has developed FinTP Connect, a software application for the centralised management of requests from TPPs (PISP/AISP) on behalf of the final customer, as PSD2 is coming into effect in January 2018.

The Allevo solution receives and processes requests coming from TPPs, sends them to the core banking systems and returns the requested answers to the TPPs.

FinTP Connect ensures the reception of requests from PISPs and AISPs in JSON/XML - ISO20022 format and their transmission to the core banking systems in an accepted format, as well as the retrieval of answers in the core banking format and their transmission to the PISP/AISP as XML/JSON – ISO20022 elements.

According to PSD2, Payment Initiation Service Providers (PISPs) will be able to initiate payments to an online merchant directly from the payer’s account, while Account Information Service Providers (AISPs) will be able to retrieve information on the customers’ accounts, including the balance and transaction history.

This leads to new potential payment solutions for the merchants, as well as new services based on the retrieved data, services offered by banks, fintech companies and non-traditional financial services providers.

The solution’s functionalities include: API management, TPP identification and validation for access to services, rules management for applying Strong Customer Authentication (SCA), user activity tracking (TPP management and fraud risk management), log of services run by users, as well as native format configuration (in terms of requests from TPPs and responses from core banking systems).

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Keywords: Allevo, software, app, PSD2, online banking, TPPs, PISP, AISP, FinTP Connect, Romania, Europe
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech