Its open banking platform ensures businesses meet PSD2 regulatory requirements, enabling them to offer open APIs and co-operate with fintechs, to give them access to account and payment information. The service was implemented on 14 March 2019 by PrivatBank (Latvia), Signet Bank (Latvia), Meridian Trade Bank (Latvia, Lithuania), Coop Pank (Estonia) and Good Finance Company (Estonia).
Currently, Tieto supports financial institutions with an open banking solution, by providing a software platform, implementation services and business consultancy. However, the service will soon go beyond the scope of PSD2, to not only help banks developing their API strategy to be compliant with the regulations, but also have access to a platform that will support any future open banking strategy. This will include an API marketplace, API aggregation, Platform Banking and built-in API monetisation capability.
Tieto launched its Open API Hub in a cloud in December 2018 and it gives developers the opportunity to access and test a beta version of Tieto Sandbox. It has built its solution based on the Berlin Group implementation guidelines.
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