Swiss bank prepares for PSD2 API regulations
Cornèr Group has become the latest Swiss bank to sign with German open banking fintech, NDGIT, reports Martin Whybrow.
The partnership will provide APIs for third-parties for the Lugano-based bank’s Cornèrcard in the UK and Liechtenstein and Diners Club Card Italy.
By so doing, the bank is seeking to meet the PSD2 requirement for banks operating in the EU to open their IT for third-party service providers (TPPs) by this autumn.
NDGIT has similarly worked with UBS and Credit Suisse to help them implement PSD2 in the EU. Other Swiss customers include Neon, Hypi Lenzburg and Contovista.
Vittorio Cornaro, CEO Cornèr Group says: “As a Swiss banking group with European entities, we do also support PSD2 in European markets. We believe in a connected future and are happy to collaborate with NDGIT – an open banking expert – on the next generation of banking.”
NDGIT is riding the waves of PSD2 and open banking at present. It added 20 new clients in 2018 to take its user base to around 30 and saw a 400% increase in revenues. When it announced the results at the end of February, it also said it expected sales to double again in the first quarter of 2019.