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IBM API Connect in Saudi Open Banking Implementation

Banfico had meetings with many of the financial institutions in KSA on the Open Banking implementation in accordance with SAMA mandates. Banfico found many financial institutions leveraged IBM API Connect (APIC) using the standard OIDC Provider and deployed APIs based on the Open Banking UK Standards.

Saudi Open Banking Out-of-the-box solution

SAMA Open Banking Standards SAMA published the open banking standards on 02 Nov 2022. This has been a culmination of the hard work from all stakeholders including banks, fintechs, Saudi Payments and SAMA. A truly collaborative effort over a challenging timeline. Considering the SAMA’s current

CP22/2 – PSR CoP Consultation for UK-wide Rollout

Background of CP22/2 Confirmation of Payee is a name checking service for UK-based payments which Pay.UK launched in 2020 and which has now been successfully implemented by more than 30 UK banks. It has also been recently awarded the “Consumer Anti-Fraud Solution of the Year”

OB Directory: Mitigating Open Banking Risk

Under the second EU Payment Services Directive (PSD2) and the UK’s Open Banking Regulation, banks are required to allow third parties with the appropriate payment services permissions to access their customer payment accounts and prevent access for organisations without these permissions. If banks fail to

Brazilians Welcome Open Banking

In the two years since open banking was approved by Brazil’s Central Bank, there has been a great deal of progress, despite a few set backs. Here, we look at how CIP, in partnership with Banfico, is helping spearhead the change. Originally due to be

Deadline Extension for Strong Customer Authentication

Strong Customer Authentication (SCA) is a key part of the Second Payment Services Directive (PSD2) and a vital measure to counteract the rise in online fraud. As the new security framework for digital payments, SCA has been a long time coming – and now the

Confirmation of Payee: Why It Should Be Mandatory

The growth of online banking and payments has seen a corresponding rise in fraud. Scammers have become increasingly adept at exploiting vulnerabilities in digital transactions, and one of the most alarming trends over the past decade has been the increase in Authorized Push Payment (APP)