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KAL Launches Open Banking Technology ahead of Europe’s PSD2 Initiative
KAL is delighted to announce the launch of its new open banking technology designed to help banks get ready for the upcoming Second Payment Services Directive (PSD2).
PSD2 will transform the European financial sector, establishing what is widely known as Open APIs for banking. PSD2 aims to increase competition and transparency in the European payments market, improve access to accounts and bolster internet banking security.
KAL will supply core technology to enable banks to achieve PSD2 compliance with its secure, scalable and cost-effective open banking solution, KTH for PSD2. This is just one of several technologies due to be launched by KAL as part of its KAL-Payments initiative.
EU banks have until January 2018 to implement PSD2 APIs meaning that banks must act now to ensure they are compliant with PSD2 and can play a key role in this new banking landscape. For banks to thrive in this open market, it is vital they implement an Open API enabling third parties to access customer data securely using “SCA” (secure customer authentication).
KAL’s KTH for PSD2 product enables banks to implement that essential application program interface (API) and to provide PSD2-driven services to customers from other banks.
Steve Hensley, KAL’s Executive Vice President of Sales, said, “KAL has a long, successful history of providing highly scalable, secure transaction processing software to banks. Now banks can leverage our expertise in delivering highly complex systems within the new PSD2 landscape and achieve compliance in a timely, cost-effective way. This will help banks stay ahead of the competition and meet the regulatory mandates.”
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