Capgemini Launches PSD2-Compliant Bank Platform

Consulting firm Capgemini has launched a new platform for banks to provide services compliant with the new Payment Services Directive of the European Union.

An announcement Wednesday (Feb. 8) said the company is rolling out its PSD2 Open Banking Solution, aimed at reducing the cost of compliance to PSD2 regulations. Payment service providers and financial institutions, which have until Jan. 2018 to comply with the new rules, are at the same time pressured to promote innovation and enable faster, more agile payment services, Capgemini said.

The new platform, hosted on Amazon Web Services Cloud, enables banks to comply with PSD2 rules and support the development of innovative financial services. The platform offers an Open API program that supports data sharing between FinServ players, as well as offers access to Capgemini’s existing Applied Innovation Exchange, a developer portal that helps banks collaborate with developers and create compliant solutions.

The platform also deploys “smart tokens,” the company said, to enhance security for payment service providers and includes real-time monitoring of transactions to ensure compliance with regulations.

“There is an opportunity for banks to turn the PSD2 regulatory compliance investment into a catalyst for accelerated digital innovation by differentiating for their businesses and leapfrogging the constraints of legacy technology,” said Capgemini Head of Global Banking and Capital Markets Anirban Bose in a statement. “We expect that this will mark a clear shift in how we partner with our clients to transform their businesses by unlocking new and exciting opportunities through digital innovations powered by the Open API solution.”

Industry players say PSD2 could overhaul the payments and FinTech industry in Europe and beyond as a way to encourage payment innovation via data sharing and a collaborative approach to new product development. In an interview with PYMNTS’ Karen Webster last year, Token CEO Steve Kirsch said banks aren’t just viewing PSD2 as a matter of regulatory compliance.

“Banks are taking this seriously,” said Kirsch, “and they are starting their efforts now and planning to leverage open banking rather than just treat PSD2 as a ‘compliance checkbox.’”