Banfico Launches Open Banking Directory Service

Banfico has launched an Open Banking Directory Service, enhancing its open banking portfolio, already being used by communities around the world. The Banfico Directory will form part of the TPP regulatory validation service being used by Account Servicing Payment Service Providers (ASPSPs) in Europe and UK.

Currently, in compliance with PSD2, ASPSPs and third-party providers (TPPs) rely on qualified certificates (eIDAS certificates) to provide access-to-account services.

These certificates identify TPPs, but have proved challenging. While the data fields embedded in the certificate are accurate at the time the certificate is issued, they cannot be updated if there are changes, nor are they automatically revoked ifthe TPP is no longer authorised. Some details, such as the countries where the TPP is authorised to operate (passporting) are also not present in the certificate.

Our new Directory Service will help ASPSPs perform regulatory checks on the TPPs, requesting access to customer accounts with the option to use tppWise, Banfico’s eIDAS and TPP validation service synced with all European EU trust services and with an eIDAS Diagnostic Tool for validating PSD2 eIDAS certificates.

Banfico’s Directory Service offers a single,standardised, trusted, machine-readable source for all TPP verification in Europe comprising:

  • Connections to all 31 NCA Registers and the EBA Register
  • Regulatory data updates sourced regularly
  • Updated notifications sent via webhook and email
  • 24x7 support (ITSM with Jira Service Management)
  • ISO 27001 certified

We believe that this essential data service should be accessible and affordable, as should all risk mitigation services that support open banking. Which is why we took on the challenge to build our own infrastructure to perform regulatory and compliance checks for market participants. By creating an in-house service, we are providing a fully compliant solution that is fairly priced and backed by advanced technology.

Kannan Rasappan, CEO, Banfico, commented: “The launch of Banfico’s Directory Service fills an existing gap in the PSD2/OB regulatory ecosystem, where credit institutions need to validate the regulatory status of Third-party providers. With this new solution, we are able to provide a Single API to validate TPP regulated entities that have eIDAS and OBIE certificates, with 24x7 support. We are committed to continue to offer the best service and expand our open banking portfolio”

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