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Savangard to provide free API aggregator for Open Banking in Poland

Wednesday 31 March 2021 14:39 CET | News

IT service provider Savangard has announced intentions to help banks spread Open Banking through the Whizzapi aggregator licence, according to biznes.newseria.pl.

Although the implementation of the PSD2 directive was launched in 2019 in Poland, Open Banking solutions are still not a market standard. Meanwhile, services such as AIS or PIS bring several advantages to Polish customers. Banks play the most important role in their popularisation. To help them spread Open Banking, Savangard offers technology support. Each bank can take advantage of the free Whizzapi aggregator license. Thanks to it, they will be able to offer their clients access to accounts in other banks or fintechs, including Revolut.

A few years ago, the awareness of the benefits of Open Banking was low. According to the ING Financial Barometer from 2019, only 36% of Poles realised that banks may, at the client's request, disclose data from their accounts to external entities. This is changing at the moment - thanks to PSD2, banks are starting to offer new services based on the directive, including aggregating accounts as part of one application or applying for loans. However, the pace of implementation is slow. Meanwhile, according to a study by Mastercard, 72% of consumers positively assess the opportunities offered to them by services based on Open Banking. As much as 73% of customers with accounts in at least two banks would use the option of ordering transfers and payments in one application, and 70% would like to be able to see all their accounts in it. That is why Savangard, wanting to meet the needs of Poles, has prepared a special offer for banks.

As part of the offer, Savangard offers a free licence for Whizzapi software in the On Premise formula (local) or SaaS (in the cloud) for all interested banks. The solution provides connection with the banking API without the need to take into account implementation differences between banks. According to the PSD2 directive, Whizzapi enables two types of services: AIS (Account Information Service), i.e. access to the account, and PIS (Payment Initiation Service), which enables payment initiation.


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Keywords: API, Open Banking, banking licence, PSD2
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Poland
This article is part of category

Banking & Fintech