Banking software company KAL is rolling out a new solution targeted for banks that need to prepare for the Second Payment Services Directive (PSD2).
In an announcement Wednesday (June 21), KAL said it is rolling out KTH for PSD2. The KTH technology is an open banking solution designed to ensure banks are compliant with PSD2 rules, which, the company said, opens the door for Open APIs to facilitate greater competition and transparency in Europe’s banking industry.
“It is vital [banks] implement an Open API enabling third parties to access customer data securely using SCA (secure customer authentication),” KAL said in its announcement. “KAL’s KTH for PSD2 product enables banks to implement that essential application program interface and to provide PSD2-driven services to customers from other banks.”
In a statement, KAL Executive Vice President of Sales Steve Hensley said the solution will help banks remain compliant and stay competitive at the same time.
“KAL has a long, successful history of providing highly scalable, secure transaction processing software to banks,” Hensley said. “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.”
KAL said that its KTH for PSD2 solution is one of several it plans to launch as part of its KAL-Payments initiative.
Banks have until January 2018 to implement PSD2 APIs, the company noted.