Turnkey open banking platform provider, Token.io Limited, today announces that its technology is enabling digital challenger bank Tandem to achieve PSD2 compliance and 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. It is integrating Token’s full suite of open banking solutions into its core platform, including APIs, to facilitate PSD2 compliance.
Having hit the March 14th deadline for technical specifications, support and a testing facility, Tandem is now looking to look beyond core compliance, developing innovative new services that make use of new opportunities around payments. The bank is the first institution built from the ground up with open banking in mind.
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 frictionless bank direct payments and Token Connect to expand its catalogue of aggregated banks through a single integration. Token’s solutions will allow Tandem to comply with PSD2 quickly and efficiently, enabling the bank to invest its time and capital into improving user experience and offering innovative new open banking services to customers.
Steve Kirsch, Founder and CEO, Token adds: “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.”
Token will provide Tandem with a turn-key PSD2 API, as well as outsourced TPP management, certification and support, which is significantly more cost effective than alternatives. Token’s PSD2 solution is on average 70% less expensive to implement than other products currently available.