Digital challenger bank Tandem Bank has partnered with Open Banking platform provider, Token.io to comply with the second Payment Services Directive (PSD2).
Having hit the 14 March deadline for technical specifications, support and a testing facility, Tandem is now looking to look beyond core compliance, developing new services that make use of new opportunities around payments Application Programme Interfaces (APIs).
As well as PSD2 compliant APIs, Tandem has the option of using Token BankPay to enable frictionless bank direct payments and Token Connect to expand its catalogue of aggregated banks through a single integration.
Token will also provide outsourced third party provider management, certification and support.
Tandem chief executive Ricky Knox commented: “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.”
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