The Open Banking Solution which aids banks in meeting the requirements of the Revised Payment Directive, also known as PSD2, as well as create new ways of monetization and streams of revenue. Priora is a cloud service that provides secure, ready-to-use APIs which include back-end technologies, to help in leveraging innovation in a time and cost efficient manner.Request a Demo
PSD2 requires the financial institutions from the European Union to implement APIs, which provide open customer account information access to regulated third parties. That must be done in compliance with the strict Regulatory Technical Specifications for secure communications and strong authentication.
The moment when everything is going to change is January 2018, when PSD2 will be transposed into national law. Starting with that date banks will have till July 2019 to be PSD2 compliant. By 2020 we expect to enter a new era of Open Financial Marketplace, where each player can enter the field without having to cope with heavy and restrictive compliance regulations which the banking infrastructure currently maintains.
PSD2 levels the playing field and brings benefits for all the involved parties on the market. While there are certain difficulties that are expected to be encountered till then on a development and implementation level, the goal of the directive is to innovate and improve the industry for everyone. And all of that revolves around the customer, who is expected to benefit the most, from things like fee transparency, lower payment processing fees, safer payment environment and methods, more secure SCA, etc.
Priora is a cloud solution, which consists of a couple of parts. Priora Connector is added as an additional layer on top of the bank’s existing infrastructure. This means that Priora can be integrated and running at your bank in as little as a couple of weeks. Any third party API request is sent to Priora network and routed to the destination. Such applications include PISPs and AISPs in the PSD2 world. All the API requests are digitally signed with public-private keys, which reduces fraud and eliminates the possibility of mass breaches.
Authorization to access funds or information in a bank account is restricted through access rules defined by the account holder using the Priora Authenticator. These authorizations represent tokens, which could be compared to a digital contract, but easier to manage. That provides the ultimate security and control for the bank while leveraging the benefits of a cloud service such as fast innovation and low cost.
Quickly implement all the PSD2 requirements with Priora Cloud Solution: Priora Connector, pre-build AISP and PISP APIs, mobile authenticator apps, admin management platform, and other tools.
Use a single app to control all third party permissions related to your accounts’ information, payments, and fund transfer confirmation.
Experience online shopping without cash or credit & debit cards.
Receive detailed information about all your accounts and transaction in one place.
Take a step beyond compliance and provide new and valuable services to your customers, before the competition even began. Win the market and create new monetization by using Added Value APIs.
Priora helps keep customers from abandoning the sign-up process by providing a streamlined experience that doesn’t involve asking users for all the data required to sign up for critical new services like utilities. Instead, enrollments are done with full user consent, and the API can then instantly send hashed and verified data directly from Priora to the service provider partners. This enables a quick and frictionless new account setup for both parties.Get Priora Demo
Think about PSD2 as of a facilitator of new opportunities and innovation. Use this moment as a tipping point and start improving your technical infrastructure, by working together with insurance, investment, and other third party companies and offering seamless account opening to them and their clients. Here are some examples of how this can bring your new profit streams:
Having the same API across multiple financial institutions and Spectre Data Aggregation API, enables banks using the Salt Edge Platform to have access to a wide array of a third-party application without any additional integrations. Banks gain the possibility to provide the customer with a seamless end-to-end journey, which combines recommendations, analytics, payments, product choice, delivery, ongoing support services and the best of third party features in a single app.
We provide a lean and simple API, accompanied by explicit and detailed documentation with a wide variety of example in different programming languages, as well as mobile SDKs for Android and iOS. A friendly testing environment, equipped with demo providers make the integration process extremely time effective. On an average, the following 5 integration steps only take a couple of weeks:
In our one-day innovation workshop you get to work with Salt Edge top business development and technical people, our compliance and security experts to help you better understand the PSD2 implementation strategies. The workshop covers two main aspects:
Get a first-hand experience with our global leading software to see the full range of possibilities it unlocks for you and your company