With the accelerated rise of online banking and payment applications, the ability to seamlessly perform functions in the palm of your hand is now pivotal to the success of the app. For example, you want to allow your customers access to all sorts of activity directly through your mobile and web app i.e., open an account online, verify their identities, transfer money to individuals they have in their personal address books, use any of the credit cards they have stored, and more.
At digitify, we work closely with challenger banks and online banking service providers to deliver these services by integrating your applications into our ecosystem of partners, including Payment Gateway, Processor Integration, Know Your Customer (KYC) and Anti-Money Laundering (AML), Bank Integrations, and Mobile Payments.
Simply put, Open Banking means that all regulated banks have to share financial data such as spending habits, regular payments, and companies’ clients’ use, as long as the user has given permission. Open banking APIs are used to connect third-party providers to banks in a secure and consistent way. Banks provide their own APIs for use and must conform to the standards set out by governing bodies e.g., Open Banking Implementation Entity (OBIE) in the UK. Europe and the UK are now looking to widen existing open banking regulations, where other regions are emerging e.g., Australia, Bahrain, Brazil, Hong Kong, India, Mexico, Nigeria, Saudi Arabia, Singapore, and South Korea.
More recently, Indonesia, the Philippines, and the UAE have also introduced regulations, starting with bank product information and payment services. digitify works closely with many banking and payment providers across these regions to integrate their services across the financial ecosystems, making sure that they are compliant with e.g., strong customer authentication (SCA) and common & secure communication (CSC) standards, under the Payment Services Directive (PSD2) governed by the Financial Conduct Authority (FCA).
We work with Account Information Service Providers (AISP), Payment Initiation Service Providers (PISP) and, Account Servicing Payment Service Providers (ASPSP). These provide the trusted framework for collaboration, so you can deliver creative, engaging and innovative experiences to your clients and users, building better value and trust. Our API Integration service is unparalleled as clients such as YAP, Xplora and others are a testament to the quality that we ultimately deliver.