TurkishBank UK Partners with Token for PSD2 Compliance
July 2019 by Marc Jacob
TurkishBank UK, an in-branch and internet banking provider for retail and business customers, has partnered with Token.io Limited to provide third parties regulated, PSD2 compliant access to its UK retail and business customer accounts.
By using Token’s API platform, TurkishBank UK can now be accessed by any regulated Third Party Provider (TPP) in Europe, and can launch multi-banking services such as those that bring together accounts from multiple institutions into a single customer view. It also delivers crypto-based security and programmable money technology, guaranteeing full compliance with the Regulatory Technical Standards (RTS) for Strong Customer Authentication (SCA) and common and secure open standards of communication.
Steven Bennett, the Chief Executive Officer of TurkishBank UK says: “PSD2 has been a driver for open banking in the UK and with Token’s API we can look beyond compliance and start leveraging the opportunities it is creating. Token’s integration relieved a variety of technical pain points for us and has provided a standardised and secure way to offer even more flexibility around our customers’ banking needs and deliver new digital services. The platform is scalable and means we can expand our digital services abroad. Though domestic regulation in Turkey is lagging behind the UK, open banking is gaining pace in Turkey and this presents a strong growth opportunity for the Group.”
Marten Nelson, Co-Founder of Token, comments: “We’re not just providing a compliance solution to banks, we’re freeing them from technical integration burdens and overcoming API fragmentation, so that they can generate real value from open banking. PSD2 represents a new era in UK banking and other markets are starting to implement their own regulations. Our partnership with TurkishBank shows the value that API standards deliver to all sides of the ecosystem – banks, merchants and consumers.”
TurkishBank UK, part of the international TurkishBank Group, strives to serve the banking needs of the Turkish speaking community in Britain.