Co-operative Bank embraces open banking with Fiserv’s tech
UK-based Co-operative Bank will implement Fiserv’s FinKit for Open Banking, “to provide more flexibility for customers to choose how they conduct their everyday banking in relation to the European Union’s Second Payment Services Directive (PSD2)”, the vendor says.
The two parties have a long-standing relationship.
The cloud-based managed service delivery model of FinKit for Open Banking appealed to the bank, Fiserv explains, because it will help facilitate the many aspects of open banking compliance, from secure customer authentication to management of trusted third parties (TPPs).
FinKit for Open Banking includes access to pre-built APIs and facilitates ongoing compliance through API version control and publishing. This positions the bank to respond efficiently and effectively to the rapid pace of regulatory and industry change, the vendor explains.
FinKit originates from a UK-based mobile paytech provider, Monitise, which was acquired by Fiserv last year.
“Open banking is an area of continual change, and Co-operative Bank is positioned to move ahead of the curve,” notes Lee Cameron, managing director, EMEA, Fiserv (and formerly CEO of Monitise).