Csaba Soos, CEO, Sberbank Croatia

Sberbank Croatia, a subsidiary of Sberbank, has selected Token‘s solution in a bid to achieve PSD2 compliance and open banking capabilities. This comes after Token partnered with Sberbank Slovenia for fueling its open banking offerings through Token API.

Csaba Soos, CEO, Sberbank Croatia, comments: “The development of digital technology is one of Sberbank’s key strategic objectives and our partnership with Token demonstrates that progress is well underway at Sberbank Croatia. By cooperating with Token, we can offer improved user experience and a larger portfolio of value-added services for both our corporate and retail customers.”

According to the supplier, the implementation of Token OS will help the bank establish PSD2 compliance and provide value added open banking services including bank direct payments and account aggregation. It is expected to provide transaction flexibility and scalability while simultaneously allowing the bank to gain crypto-based security and programmable money technology together with the operational support, consent management, monitoring and reporting.

Steve Kirsch, Founder and CEO, Token adds: “As the winner of the 2018 Central and Eastern Europe Transaction Banking Award, Sberbank has already demonstrated its commitment to digital transformation. Our turnkey, cost-effective open banking solution is enabling Sberbank Croatia to comply with the PSD2 regulation while remaining focused on achieving its strategic goals and growth through innovative new services.”

Recently, Bahrain-based Khaleeji Commercial Bank partnered with Token, in a bid to provide open banking services to its clients, complying with the new regulatory requirements.

Established in 2015, Token’s universal open banking platform, TokenOS, allows banks and third parties to interact in a digital global financial services ecosystem and provides one API to access all banks, with the tools to deliver data access and payments use cases, and better open banking propositions.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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