Arion Bank chooses Banfico's OB Directory Plus

Tuesday 29 March 2022 11:52 CET | News

Iceland-based Arion Bank has selected the Banfico OB Directory Plus to support its Open Banking and PSD2 access-to-account compliance process. 

The new Act on Payment Services which transposes the Revised Payment Services Directive (PSD2) into Icelandic law, entered into force in November 2021 and will take full effect in May 2022. After full implementation, banks and third-party providers (TPPs) will be authorised to access customer bank accounts to initiate payments and provide banking data-related services given the customer’s permission.

Banfico’s OB Directory Plus provides a single and compliant source of standardised information about active Regulated Entities that can perform access to account (XS2A) services in Europe and the UK. It connects to all National Competent Authority (NCA) registers and the European Banking Authority (EBA). The OB Directory Plus is reportedly a cost-effective, cloud-based solution, highly available, with updates sourced from the registers multiple times a day. With the OB Directory Plus, banks obtain regulatory information to make informed decisions, ensure fraud prevention, and complement their risk mitigation strategy.

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Keywords: partnership, Open Banking, TPP, identity verification, banks
Categories: Banking & Fintech
Countries: Iceland
This article is part of category

Banking & Fintech