Fintech, Finance, Technology, Banking Highlights – 8 May 2018

Open Payments Europe launches PSD2 developer portal

The Swedish FinTech startup, Open Payments Europe provides a PSD2-compliant infrastructure platform that will offer users a single, open and secure point of access to the diverse bank APIs throughout the EU.

Open Payments Europe is now launching its own developer portal and sandbox environment, where third-party application developers can create PSD2-compliant applications. The launch, an industry first in the Nordic region, coincides with the Swedish adoption of PSD2.

On May 1, 2018 the second Payment Services Directive (PSD2) was adopted into Swedish law. During the ongoing transition period banks have 18 months to comply with the directive in addition to related technical standards for strong customer authentication and common and secure open standards of communication.

“PSD2 is the beginning of a disruption in the financial industry that will fundamentally change how we use financial services. For the most part, European banks are developing individual API-standards, which means that third-party developers will need to integrate with possibly hundreds or thousands of different APIs throughout the EU to be able to fully leverage the opportunities under PSD2. Our infrastructure platform will provide the solution, helping to make Open Banking a reality for e-commerce platforms, PFM applications, POS and B2B systems” Says Jonas Kjellin, Co-Founder and CEO of Open Payments Europe.

Fiserv Introduces Innovation in Early Breach Detection with Rippleshot Partnership

Fiserv, a provider of financial services technology solutions, announced it has partnered with Rippleshot, a fraud analytics firm, to offer Card Risk OfficeSM Fraud Warning, an early breach detection solution that allows financial institutions to identify potential fraud events 30-60 days prior to network alerts.

The alliance positions Fiserv as the first financial technology company in the card processing industry to bring this technology to market. With Card Risk Office Fraud Warning from Fiserv, financial institutions will have access to information to help detect card-related fraud more quickly, as well as gain visibility to data about localized events networks may not have previously investigated. Fiserv will use this data, derived from machine learning, to inform and strengthen risk mitigation strategies, and will make the solution available to more than 2,400 clients of Card Risk Office , nearly 400 of which use a non-Fiserv core processing platform.

“Data breaches continue to occur with increasing frequency, yet it can take time for financial institutions to confirm the extent of the compromise, making it imperative to identify and stop fraud as soon as possible and prevent further exposure and losses,” said Patrick Davie, vice president, Product Strategy, Card Services, Fiserv. “The most important innovations we bring our clients are intelligent security solutions that help safeguard their cardholders, and Fraud Warning will enable financial institutions to minimize the negative impacts and resulting revenue loss associated with card fraud, while maximizing the cardholder experience.”

Sageworks to integrate with leading CRM systems

Sageworks, a financial information company that offers lending, credit risk and portfolio risk solutions to banks and credit unions, announced the roll out of their newly expanded customer relationship manager (CRM) for financial institutions.

Fully integrated on the Sageworks Banking Platform, Sageworks Relationship Manager aggregates data from all customer financials and interactions, providing bankers with a complete, 360-degree view of both customers and loans. Enhancements to the product are sourced from the feedback of Sageworks’ clients and continue the company’s effort to help financial institutions increase transparency, mitigate risk and identify opportunities in their borrower relationships.