QIB selects Volante Technologies PSD2 Open Banking solution

Tuesday 2 October 2018 09:47 CET | News

Volante Technologies has announced that Qatar Islamic Bank UK (QIB) has selected VolPay Channel: Open Banking and Token to implement PSD2 compliance for the bank.

Building upon Volante’s partnership with Token who provide PSD2 compliant APIs, VolPay Channel: Open Banking will deliver a solution for handling complex orchestration related to PSD2 regulation, along with flexibility to handle the evolving Open Banking landscape.

VolPay Channel will not only manage the two-way communication between the API layer and the bank’s systems, but also tie the authentication and execution of the payment into a meaningful user journey across multiple use cases. The solution has been designed with interoperability in mind, providing banks with an option to work with multiple TSPs in one or more geographies. As with all VolPay Suite products, the solution includes high degrees of automation enabling the implementation with minimal disruption to QIB.

Founded in 2001, Volante Technologies is a global provider of software for the integration, processing and orchestration of payments and financial messages within financial institutions and corporate enterprises. Volante serves a growing client base of more than 85 financial institutions and corporate enterprises operating in 27 countries around the world, including several of the largest global organisations. Many clients use Volante to assist with multiple product implementations ranging from message transformation and integration, through to the processing and orchestration of payments.

Along with its products, Volante Designer and the VolPay Suite of payments processing products, Volante maintains a growing library of hundreds of domestic and international financial industry standards plugins, transformations and processor modules. Volante’s VolPay Suite of payment products can be licensed and deployed on premise or on the cloud. Should clients choose to subscribe to any of the VolPay Suite applications as ‘Payments as a Service’ on the cloud, Volante also offers this option.

Token is a regulated Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP), and Technical Service Provider (TSP). Limited is authorised as an AISP and as a PISP by the FCA in the UK. Token’s cloud-based API operating system, TokenOSTM, enables connections and aggregation of multiple banks to multiple Third Party Providers (TPPs). Its open banking platform helps banks achieve PSD2 compliance and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers.  Unlike in-house developed solutions, Token supports the same API across all banks.

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Keywords: Qatar Islamic Bank, UK, Volante Technologies, Token, PSD2, Open Banking, VolPay Channel: Open Banking, payments processing, data aggregation
Countries: World

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