Turnkey open banking platform provider, Token.io, have announced that its technology is enabling digital challenger bank Tandem to achieve PSD2 compliance and continue to leverage open banking opportunities.
Tandem is a digital-only bank that provides a money management app, credit cards and fixed-rate savings accounts to more than 500,000 consumers across the UK.
The firm is integrating Token’s full suite of open banking solutions into its core platform, including APIs, to facilitate PSD2 compliance.
Following the March 14 deadline for technical specifications, support and a testing facility, Tandem stated that it is now looking to look beyond core compliance and aim to develop “innovative new services that make use of new opportunities around payments”.
Ricky Knox, CEO, Tandem, says: “So far, most open banking services have focused on account aggregation. Our approach goes much further. With Token’s platform we can comply with the PSD2 regulation quickly and efficiently.
“This means we can focus our efforts on differentiating ourselves with an improved user experience – leveraging both AISP and PISP use cases to provide smarter, more personalised banking products that solve real people’s problems with money.”
As well as PSD2 compliant APIs, Tandem has the option of using Token BankPay to enable bank direct payments and Token Connect to expand its catalogue of aggregated banks through a single integration.
Token will provide Tandem with a turn-key PSD2 API, as well as outsourced TPP management, certification and support – a decision based on Token being “significantly more cost effective than alternatives.”
Steve Kirsch, Founder and CEO, Token explained: “Our turnkey, cost-effective PSD2 compliance and open banking solutions will enable Tandem to accelerate growth through new and better products.
“Token offers the industry’s simplest and most secure transaction-based open banking API, which, being cloud-based, gives Tandem both flexibility and scalability when initiating and managing transactions.”
