AN OPEN Banking toolkit has been launched to help financial institutions keep pace with the evolving regulatory environment.
FinKit has been released by fintech services provider Fiserv and aims to help banks with both the compliance and opportunities of Open Banking.
The Open Banking data-sharing initiative, which mirrors the EU’s Payment Services Directive II (PSD2), mandates high street banks to share anonymised customer data with approved third parties, which can include peer-to-peer lenders.
“The costliest mistake financial institutions can make in the move to Open Banking is to focus only on the immediate fix,” said Lee Cameron, senior vice president, FinKit, digital banking, Fiserv.
“This transformation will extend well beyond the current race to comply. “
Fiserv says FinKit will provide a fully-managed service to run, monitor and support the application programming interfaces (APIs) needed to share information with trusted third-party providers (TPPs).
It also includes access to pre-built PSD2 and Open Banking APIs and facilitates ongoing compliance through API version control, release management and distribution.
Read more: Open Banking: What you need to know
“We’ve had the advantage of seeing initial efforts play out in the marketplace and have applied the insights gained to our technology to help organisations become compliant, stay compliant and maximise the opportunities ahead,” said Cameron.