Giving QIB Open Banking capabilities compliant with the prevailing PSD2 regulation in Europe
Volante Technologies Inc., a global provider of software for accelerated end-to-end payments processing, today announced that Qatar Islamic Bank UK plc (QIB) has selected VolPay Channel: Open Banking and Token to implement PSD2 compliance for the bank.
Building upon Volante’s partnership with Token who provide PSD2 compliant APIs, VolPay Channel: Open Banking will deliver a complete out-of-the-box solution for handling complex orchestration related to PSD2 regulation, along with flexibility to handle the evolving Open Banking landscape.
VolPay Channel will not only manage the two-way communication between the API layer and the bank’s systems, but also tie the authentication and execution of the payment into a meaningful user journey across multiple use cases. The solution has been designed with interoperability in mind, providing banks with an option to work with multiple TSPs in one or more geographies. As with all VolPay Suite products, the solution includes high degrees of automation enabling a rapid implementation with minimal disruption to QIB.
Nadish Lad, Global head of Payment Products, Volante Technologies, commented, “Banking practice and regulation is changing faster than ever and it is important to lay down a firm foundation for Open Banking and payments orchestration rather than embarking on piecemeal development. The complexity is not only in the integration, it is also around adapting multiple use cases for a seamless improved customer experience.”
Philip Benson, Senior Operations Manager, QIB (UK), commented, “By using Volante’s ready-made PSD2 solution, we are able to become PSD2 compliant within only a few months, without having to divert costly IT resource to the project. This enables us to focus on our core business and we continue to serve our UK clients in the best way possible.”