Giving QIB Open Banking capabilities compliant with the prevailing PSD2 regulation in Europe
2 October 2018 – 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.”
Peter McKenna | Global Marketing Director | email@example.com | +44 (0)7710 497 515
QIB (UK) is a subsidiary bank of Qatar Islamic Bank based in Mayfair providing shari’a compliant Private Banking, Structured Real Estate and Treasury products and services to our clients. A leading, innovative and global Islamic bank adhering to the highest Shari’a and ethical principles; meeting international banking standards; partnering the development of the global economy and participating in the advancement of the society.
Token is a technology company with headquarters in San Francisco and offices in London and Berlin and is a regulated Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP), and Technical Service Provider (TSP). Token.io Limited is authorised as an AISP and as a PISP by the FCA in the UK.
Token’s cloud-based API operating system, TokenOSTM, enables connections and aggregation of multiple banks to multiple Third Party Providers (TPPs). Its open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.
Token is a recognised industry leader, named in the Financial Times Future of Fintech Awards shortlist 2017 as one of the top ten companies to watch globally. CB Insights named Token in their global annual ‘The Fintech 250’ ranking and in 2016 Token was the winner of PlugAndPlay’s 2016 Fintech EXPO, which was contested by more than 1000 applicants from around the world.
For further information, please consult: www.token.io
About Volante Technologies
Founded in 2001, Volante Technologies is a global leader in the provision of software for the integration, processing and orchestration of payments and financial messages within financial institutions and corporate enterprises. Volante is dedicated to helping firms increase their business agility so they can focus on being competitive in their marketplace. Product features such as configuration rather than coding, automated code and documentation generation and inbuilt test harnesses promise significantly accelerated project completions.
Volante serves a growing client base of more than 85 financial institutions and corporate enterprises operating in 27 countries around the world, including several of the largest global organizations. Many clients use Volante to assist with multiple product implementations ranging from message transformation and integration, through to the processing and orchestration of payments. Along with its products, Volante Designer and the VolPay Suite of payments processing products, Volante maintains a growing library of hundreds of domestic and international financial industry standards plugins, transformations and processor modules. Volante’s VolPay Suite of payment products can be licensed and deployed on premise or on the cloud. Should clients choose to subscribe to any of the VolPay Suite applications as ‘Payments as a Service’ on the cloud, Volante also offers this option.
Supported by offices in Jersey City, London, Dubai, Mexico City, Bogota, Hyderabad, Chennai and Pune, Volante is able to encapsulate a best practice approach into all its product lines.
For further information please visit: www.volantetech.com