Twelve financial institutions sign up to Avaloqs PSD2 solution

The company launched the service at the end of last year to help banks and wealth managers meet the requirements of ? and capitalise on ? PSD2 and the need to work with third party payment service providers. The mid-March deadline means institutions have to offer to third party payment service providers the testing facility six months ahead of the final September 2019 PSD2 implementation deadline.

PSD2, which came into force in January 2018, regulates payment services and payment service providers throughout the European Economic Area. It means that third parties will be allowed to access bank client data and provide value-added payment and banking services if permitted to do so by bank clients. Under the implementation process, financial institutions have to offer their open Application Programming Interfaces (APIs) to third-party payment service providers six months before September 2019.

Avaloq launched its PSD2 software and PSD2 as a service solutions in December 2018, offering a range of deployment options tailored to different configurations. Its PSD2 as a service solution comes already integrated into the Avaloq Banking Suite. It is delivered as a secured solution to banks and wealth managers using software as a service (SaaS) or business process as a service (BPaaS) models as well as banks running the Avaloq Banking Suite on their premises.