DOHA / LONDON, 13 June 2019– Fintech industry champion Banfico Ltd, a boutique firm focused on delivering PSD2 consulting and open secured interface implementation solutions, has announced that they have been selected by QNB Group, the largest financial institution in the Middle East and Africa, to implement a PSD2 RTS compliance solution in QNB's London and Paris branches.
The solution builds upon Banfico’s SaaS platform, which provides a one stop shop solution for banks to comply with EU PSD2 RTS common secure communication interface requirements. The bank chose Banfico because of its renowned reputation in the PSD2 market.
The PSD2 directive mandates banks to share customer data with third party providers (TPP's) if the customer has given consent, and to open a new dedicated API interface for those TPP's. The Banfico solution is robust, secure and scalable in either a cloud or on-premise deployment.
Banfico build upon their partnerships with Ping Identity and IBM and will deliver a complete out of the box solution for handling the complexities of PSD2. This is also seen as a solution to provide further API connectivity for the bank in the future, as the financial API markets develop. The solution is delivered by Banfico’s modern DevOps practice and it can be implemented or consumed as SaaS or as a separate deployment on a private or public cloud in virtual machine or containerisation model.
Banfico have been at the forefront of Open Banking / PSD2 for the last 3 years, the team comes with experience in implementing solutions at several top UK banks and it is represented at various conferences and working groups of Open Banking/PSD2 and they are also advisory members to NextGenPSD2 and are also providing consultancy solutions with several banks.
Kannan Rasappan, CEO and Founder of Banfico Ltd, commented "PSD2 is a complex directive, and banking regulation is fast changing. By providing a sound solution to the complexities of PSD2 and Open Banking we can help a bank to achieve compliance well within the regulatory timetable in 2019"
Adel Al-Malki, General Manager Information Technology at QNB Group, commented, “Innovation, compliance, security, customer’s data protection and privacy are among QNB Group’s top priorities, therefore the bank invests heavily in new cutting edge technologies that ensures our compliance with customer and regulatory requirements. Moreover, QNB’s sound governance policies are always updated to comply with the latest legislations and regulatory requirements”.
QNB Group is inviting the licensed European TPPs to visit its website and test its APIs via its sandbox in both London and Paris.
In the QNB London and Paribas sandbox, third-party developers will be able to test Account Information Services (AIS) APIs, which allows access to account balances and history via third-party applications, and a Payment Initiation Service (PIS) APIs to initiate payments via third parties. Please contact QNB London and Paris branches directly for further information.
The QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 30,000 operating through 1,100 locations, with an ATM network of more than 4,400 machines.