Baltic International Bank Implements Open Banking and Sandbox
According to a revised Payment Services Directive (known as PSD2) adopted by the European Parliament, Baltic International Bank offers its API sandbox solution for Open Banking. Open Banking is an open banking platform for cooperation with financial technology companies and other partners. API Sandbox is a safe isolated environment where third-party service providers are able to test their ideas and innovations in the financial sector in general and in asset management in particular. The solution is suitable for large companies and independent developers, especially for those interested in new digital products, services and innovations.
“As an integral part of our new Internet Banking project, Open Banking will serve as a platform for developing new products and services in the future. We will roll out the new Internet Banking facility at the end of summer 2019. It will offer the users new functionality, security enhancements and a wider array of services. Some of the major challenges facing the financial services enterprises today include moving towards modern digital opportunities and implementing appropriate solutions”, Head of Digital Channel Development Jānis Osis explains.
“Baltic International Bank not only goes hand in hand with the newest trends in the banking industry, but even stays ahead of the trends by implementing new technologies and digital solutions that allow boost the value of the services,” J.Osis emphasizes.
Bank is offering its API sandbox solution whereby two Application Programming Interfaces (APIs) are available in accordance with the second Payment Services Directive, or PSD2. API is a software intermediary that allows two applications to interact with each other both within and between organisations and share data with each other. The API sandbox solution implemented by Bank enables new players, both payment initiation service (PIS) providers and account information service (AIS) providers, to penetrate the market.
About Payment Services Directive (PSD2)
The revised Payment Service Directive (PSD2) became applicable on 13 January 2018. The Republic of Latvia transposed the PSD2 into national law, namely, into the Payment Services and Electronic Money Act Maksājumu pakalpojumu un elektroniskās naudas likums] PSD2. The PSD2 opened up an opportunity to develop open banking models, thus helping clients to better monitor their payments and account information. It also fosters competitive rivalry on financial markets overall.