TBB chooses Token and Icefire for PSD2 compliance

25-Jun-2019

Turnkey open banking platform provider, Token.io, today announces 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 14 September 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.

Igor Novikov, chairman of the board, TBB, comments: “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.”

Steve Kirsch, founder and CEO, Token says: “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 capitalise on open banking, free from the burdens of technical integration and regulatory compliance.”

Aleksei Bljahhin, head of PSD2 and open banking, Icefire, adds: “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.”

Token offers the industry's simplest and most secure transaction-based PSD2 API. As it is cloud-based, it gives 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.