Talinn Business Bank (TBB), Estonia’s oldest bank, has chosen Token.io and Icefire to aid it with its PSD2 compliance.
Icefire will integrate Token PSD2 into the bank’s infrastructure to establish compliance before the September 14 2019 deadline.
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Token has recently partnered with a number of firms with this goal in mind. These include Tandem Bank, thinkmoney group, and Sberbank Slovenia.
Igor Novikov, chairman of the board at TBB, commented: “Token’s platform is the fastest, most secure and most cost-effective route to meeting the RTS requirements. Our work with Token and Icefire is enabling us to comply with PSD2 quickly and efficiently so we can focus on our business and consumer clients, including recently launched services such as settlements, import and export crediting and complex financing.”
Steve Kirsch, founder and CEO of Token said: “With the final deadline for RTS compliance fast approaching, European banks need to act quickly. Our turnkey open banking solution is enabling TBB to comply with PSD2 without resorting to shortcut options such as screen scraping. That’s the aim of Token PSD2 – to empower banks to capitalise on open banking, free from the burdens of technical integration and regulatory compliance.”
Aleksei Bljahhin, head of PSD2 and Open Banking, Icefire, added: “For PSD2 to have the desired impact on the European financial services industry, all banks and Third Party Providers (TPPs) need to support the same APIs. Working closely with Token on the TBB implementation from the proof of concept stage onwards has enabled us to integrate the SaaS solution effectively and efficiently, and we support Token’s goal to be the industry standard for open banking.”
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By GlobalDataTBB can be accessed by any regulated TPP in Europe now. In addition, it gains crypto-based security and programmable money technology.
Icefire builds transformative technology for banks and fintechs. Based in Estonia, it aims to automate and simplify complicated processes. So far, it has worked with firms such as Swedbank, Nordea, LHV, and Skype.
