Igor Novikov

Token.io has announced that Estonia-based Tallinn Business Bank (TBB) has selected Token to deliver PSD2 compliance in partnership with technology provider Icefire. The partnership will see Icefire integrating Token’s PSD2 solution into TBB’s infrastructure before the PSD2 deadline, i.e. 14th of September.

Igor Novikov, comments: “Token’s platform is the fastest, most secure and most cost-effective route to meeting the RTS requirements. Our work with Token and Icefire is enabling us to comply with PSD2 quickly and efficiently so we can focus on our business and consumer clients, including recently launched services such as settlements, import and export crediting and complex financing.”

According to the supplier, Token’s solution will provide TBB with the flexibility to initiate transactions as well as crypto-based security and programmable money technology together with the operational support, consent management, monitoring and reporting.

Steve Kirsch, Founder and CEO, Token says: “With the final deadline for RTS compliance fast approaching, European banks need to act quickly. Our turnkey open banking solution is enabling TBB to comply with PSD2 without resorting to shortcut options such as screen scraping. That’s the aim of Token PSD2 – to empower banks to capitalise on open banking, free from the burdens of technical integration and regulatory compliance.”

Aleksei Bljahhin, Head of PSD2 and Open Banking, Icefire, adds: “For PSD2 to have the desired impact on the European financial services industry, all banks and Third Party Providers (TPPs) need to support the same APIs. Working closely with Token on the TBB implementation from the proof of concept stage onwards has enabled us to integrate the SaaS solution effectively and efficiently, and we support Token’s goal to be the industry standard for open banking.”

This announcement follows recent partnerships with Tandem Bank, thinkmoney group, and Sberbank Slovenia and Croatia.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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