How Axway turns PSD2 from compliance to acceleration

PSD2 from compliance to acceleration

Axway turns PSD2 from compliance to acceleration by moving a vision of PSD2 fulfillment to the concept of Open Banking. PSD2 is only the payment part of the bank. Read PSD2 — the electroshock and aftermath.

PSD2 definition

PSD2 by definition is an EU directive that was governed by the EU (European Commission). PSD2 controls service and payment providers within the EU.

The driving factors for PSD2 was to increase EU cooperation and additional involvement within the payments industry. The bottom line is to deliver improved protection for the consumers.

The key points of PSD2 are to:

  • Enable a sounder European payment system.
  • Encourage an ecosystem of innovative Fintech.
  • Give equal guidelines that coexist between Fintech and banks.

First part

Today, you have different sectors of a bank such as loans and insurance divisions. API technology can help with the compliance to move their business to an Open Banking model.

This is just a small part of the ecosystem that is identified in PSD2. There are many users of APIs within the bank and not only Payment Submission Service (PSP).

Second part

Axway is the opener for your business. We are not only a provider of PSD2, Axway works more as a business vision than a response to the PSD2 recommendation.

From Axway’s point of view, PSD2 is just the beginning. By introducing a second phase, banks are now coming to terms and embracing the possibilities that APIs can provide for better service.

For starters, when customers open up their systems to the Open Banking model, there can be problems with governance.

Unified Catalog

Another layer to add is the Unified Catalog. The catalog provides real-world difference and better control for the customer.

With strong capabilities, the Unified Catalog provides the following:

  • Event-driven subscription management: You can have tailor-made subscription movements for each registered environment. This gives multi-faceted support flows and integration within current systems.
  • Adapted records for each catalog asset.
  • Pinpoint the sharing of integration assets with users.
  • Category and classification. This produces views for different types of onlookers.

Axway is the vendor of choice

Axway is your vendor of choice. We have the expertise and over 30 years’ experience to manage the information system and all the moving parts of APIs by meeting the customer’s needs for providing a fast and secure response to regulatory requirements.

Axway’s customers revel in the trustworthy products which meet the most stringent and highest level of security certifications, including (Common Criteria EAL4+).

With Axway’s AMPLIFY™ platform, your enterprise has the most effective solution to solve the PSD2 necessity requirement.

Security

Finally, let’s talk about security. One of the big differences between other vendors is that Axway can expose all your assets with real security that is mandatory within a bank.

Axway is the only API provider that has the validation of their security process and its Common Criteria EAL4+ that works to protect your company and ecosystem.

Benefits in the long run

New technology is evolving every day and Axway has a long-term vision for your business and digital transformation needs.

The main difference between Axway and other vendors lies in their long history in the need for building the ecosystem of their customers. Axway builds upon that concept to use your legacy technology to take your company into the future.

Axway clients using our technology

Axway has been named a Leader in the Gartner 2020 Magic Quadrant for Full Life Cycle API Management¹ for its AMPLIFY API Management solution.

According to Gartner, “Leaders understand the market trends that will benefit them and their clients’ business strategies by enabling them to restructure their business operations or advance digital transformations. Leaders see the business potential of API programs, communicate this potential to business units, and help their clients realize that potential.”

Axway’s clients utilize AMPLIFY™ API Management daily. This solution provided LUXHUB with the right answer to solve their multifaceted challenges.

One problem was managing the all-encompassing third-party developer by providing a common portal with a catalog of PSD2 APIs from participating banks.

AMPLIFY API Management showed the way for an innovative, new Open Banking marketplace. AMPLIFY enabled numerous banks and Fintech providers to offer all their open APIs all on one platform — which resulted in an overwhelming success.

With a new open banking system in place, more than 800,000 end customers have used LUXHUB, and there’s more to come. Staying competitive is one reason why LUXHUB made Axway their vendor of choice.

Groupe BPCE

Groupe BPCE also had PSD2 compliance issues. They needed to set the groundwork in place to open up the Open Banking initiative to drive banking services, as well as comply with PSD2.

By accelerating integration, Groupe BPCE pinpointed a secure API platform with AMPLIFY API Management. Groupe BPCE utilizes the API Management solution and now processes over 10 billion API calls a year – a superior outcome.

This provided the much-needed PSD2 compliance and governing obligations that needed to be met. Groupe BPCE is now driving more customer services into the future.

Conclusion

Axway, with over 30 years’ experience, is the strategic vendor your company needs to create the right vision for your future.

Additionally, Axway’s Catalyst methodology provides extensive sound advice to companies and banking institutions to help them along the way in their Open Everything journey.

Learn more about PSD2 and Open Banking.

¹Gartner, Magic Quadrant for Full Life Cycle API Management, Paolo Malinverno, Kimihiko Iijima, Mark O’Neill, John Santoro, Shameen Pillai, Akash Jain, 22 September 2020

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

 

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