Tieto launches API Hub for PSD2 compliance

Monday 17 December 2018 13:10 CET | News

Tieto, a Nordic software and services company, has launched an API Hub, a global test environment for financial institutions interested in opening up their APIs.

Tieto API Hub is a web portal where professionals in banks and other financial institutions can explore various Open Banking business models and test how open APIs work in practice. Moreover, the portal will ensure onboarding of banks seeking to obtain PSD2 (European Payment Services Directive) compliance.

Once registered on the Tieto API Hub, users will be able to learn about APIs for access to account (X2A) services, read related documentation and evaluate Tieto’s platform for PSD2 compliance. The APIs are made available in a ‘Sandbox’ environment, which contains dummy data and functionalities imitating real banking system. Tieto has built its solution based on the Berlin Group implementation guidelines.

After experimenting with the Tieto API Hub, banks can apply for a fully functional API Platform. The platform will ensure banks with PSD2 compliance and provide access to a developer portal where new financial services can be built and subsequently offered to Third Party Providers (TPPs) through open API’s.

With the launch of the API Hub, Tieto has extended its Open Banking Platform with a SaaS delivery option. Tieto will continuously supplement the portal’s functionalities and the API codes it offers.

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Keywords: Tieto, API Hub, PSD2, compliance, Berlin Group, banks
Countries: World