By Bimal Melwani
Head of International Sales
Over the last few weeks, we have been running workshops with our Clients to help them transition their live production environments from Screen Scraping Aggregation Services to PSD2 Compliant APIs, and there is always one question that pops up:
How will Eurobits continue to aggregate Payment Account Data and the rest of banking product data (such as Loans, Investments and Deposits) from now on?
For those who were early adopters and have understood that PSD2 is just the tip of the iceberg when it comes to understanding an end user’s financial needs, we understand their dilemma.
On the one side, there is the impact of legislation. Providing a seamless journey via a regulated service such as AISP that is, so far, poorly defined, and still being clarified by the EBA’s selected workgroups, is no easy task.
On the other, there is the impact on the Customer journey and the quandary of how to ensure that PSD2 does not create friction in providing valuable insights to help their customers’ financial planning.
Our answer is always the same: to the limit of what is possible, PSD2 will be as transparent as possible for our Clients.
Yes, we can manage the authentication process via their eIDAS certificates (or we can use our own if they wish).
Yes, we offer a token management module, storing them securely in our Vault, and providing full PSD2 and GDPR Compliance.
Yes, we know how to handle SCA. Some of the EU countries where Eurobits operates in had implemented two factor Bank authentications years ago.
And yes, we will continue to provide fully compliant aggregation services of the data that most consumers care about: their savings and their financial obligations.
We have been helping Banks use aggregation services to drive digital innovation for over a decade. PSD2 may seem like a milestone that will open the doors to new opportunities. However, for Eurobits and for several early adopters of our services, we have been perfecting these opportunities for some years now, and unfortunately, we know that PSD2 does not provide the full extent of financial data that consumers are interested in.