OP Financial chooses Finnish fintech Enfuce for turn-key PSD2 services
OP Financial has chosen Enfuce, a Finnish payments fintech, to provide its turn-key Second Payments Directive (PSD2) compliance services in Estonia, Latvia, and Lithuania.
“The scope was to follow-up the country specific requirements set by each operating country’s PSD2 legislation, competent authorities and ensure the needed actions to meet the requirements,” says Jari Jokisilta, OP Financial Group’s development and maintenance head for Baltic banking.
The service includes back-office management such as a full-audit trail, third party provider (TPP) support, 24/7 monitoring, dispute handling and the development of the application programme interfaces (APIs) in line with evolving regulations.
OP Financial Group says the Finnish Financial Supervisory Authority (FIN-FSA) granted it an exemption from setting up a fallback mechanism alongside its dedicated interface, pointing to the level of compliance embedded in Enfuce’s solution.
“Two years ago, when we designed the prototype of our PSD2 compliance service, I remember writing one specific KPI for the project, ‘Without any doubts, the service should meet all security and regulatory requirements, and future customers must be able to trust the service 100 %’,” says Enfuce’s CEO and co-founder, Denise Johansson.
“As OP Financial Group received an exemption from the fallback channel requirements, I see this as a proof of a successful delivery of our service vision and we are proud of this achievement.”