Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS Limited announces that its technology has been implemented by Sberbank in Slovenia as of today, 17 July 2018.  Token is an open banking platform provider that allows a global ecosystem of banks, bank customers and developers to move money and information securely, instantly and without friction.

Token’s Application Programming Interface (API) for banking infrastructure ensures that Sberbank Slovenia complies with PSD2.

Using the Token iOS and Android mobile applications, customers of Sberbank from Slovenia will be able to reap the benefits of open banking, with services such as one-click e-commerce and account aggregation on the roadmap.

Aleš Zajc, Deputy CEO of Sberbank from Slovenia, responsible for Retail banking, states: “Our choice to work with Token reflects our commitment to shaping a new era of banking and payments. Our cooperation with Token enables a platform-based banking model that will allow us to substantially improve our customers’ experience. With Token’s frictionless authentication programmed into each transaction, we will be able to increase payment speed and convenience without ever compromising on security.”

Sberbank is the seventh largest institution on the Slovenian banking market and boasts a strong international network of partners and clients. Sberbank is the first financial provider/bank in Slovenia to look beyond PSD2 compliance and move towards an entirely open banking system. This first-mover positioning builds upon two successful product launches with a strong focus on Retail clients: the ‘Ekspres loan’ product and ‘Change the bank proces’. Working with Token goes hand in hand with Sberbank Retail strategy as it looks to the API economy as a pathway to the future of banking.

Steve Kirsch, Founder and CEO of Token, comments: “Token offers the industry’s simplest and most secure transaction-based open banking API, which will provide Sberbank Slovenia quicker data aggregation and direct payments driven by Smart Token technology. Crucially, our cloud-based platform will give Sberbank both flexibility and scalability when creating and handling transactions.”

Banks use Token’s software to issue and redeem payment and account information authorizations as Smart Tokens, which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. This enables each Smart Token to be uniquely specified to the transaction it represents. Sensitive account information never leaves the bank’s systems, substantially reducing security vulnerabilities.When PSD2, the revised European Payment Services Directive, comes into force in September 2019, European banks will be required to grant third party providers access to their customers’ data. Token not only delivers this, it also enables banks to offer an improved customer experience when doing online transactions.

Continue Reading

Recent Posts