Strategic partnership enables Estonia’s oldest commercial bank to comply with EU regulations and capitalize on open banking
25th June 2019 – Turnkey open banking platform provider, Token.io, announced it has been chosen by Tallinn Business Bank (TBB) to deliver PSD2 compliance in partnership with technology provider Icefire.
TBB is the oldest commercial bank operating in Estonia. Icefire is integrating Token PSD2TM into the bank’s infrastructure to establish compliance with the Second Payment Services Directive (PSD2) before the September 14th deadline.
This announcement follows recent partnerships with Tandem Bank, thinkmoney group, and Sberbank Slovenia and Croatia, cementing Token’s status as the leading open banking platform provider across Europe.
“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 capitalize on open banking, free from the burdens of technical integration and regulatory compliance.” – said Steve Kirsch, Founder and CEO at Token.
“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.” – commented Igor Novikov, Chairman of the Board at TBB.
“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.” – added leksei Bljahhin, Head of PSD2 and Open Banking at Icefire.
Token offers the industry simple and most transaction-based PSD2 API. Cloud-based, it will give TBB both flexibility and scalability when initiating and managing transactions. Now, TBB can be accessed by any regulated TPP in Europe. The bank gains crypto-based security and programmable money technology together with the operational support, consent management, monitoring and reporting needed to succeed. Compared to alternative open banking solutions available, Token is on average 70% less expensive to implement.