Banfico has launched an Open Banking Directory Service that expands its Open Banking portfolio and is already used by communities around the world.
The Banfico Directory will be part of the TPP Regulatory Validation Service used by Account Servicing Payment Service Providers (ASPSPs) in Europe and the UK.
Currently, as per PSD2, ASPSPs and third party service providers (TPPs) rely on qualified certificates (eIDAS certificates) to provide access-to-account services.
These certificates identify TPPs, but have proven difficult. The data fields embedded in the certificate are correct at the time the certificate is issued, but cannot be updated in the event of changes or automatically revoked if the TPP is no longer authorized. Some details, such as the countries in which the TPP is approved for operation (passporting), are also not included in the certificate.
Our new directory service will support ASPSPs in carrying out regulatory reviews of TPPs and provide access to customer accounts with the option of using tppWise, Banfico’s eIDAS and TPP validation service, synchronized with all European EU trust services and with an eIDAS diagnostic tool for validation of Request PSD2 eIDAS certificates.
Banfico’s directory service provides AC sources for all TPP verifications in Europe including:
• Connections to all 31 NCA registers and the EBA register
• Regular data updates
• Updated notifications via webhook and email
• 24×7 support (ITSM with Jira Service Management)
• ISO 27001 certified
We believe this essential data service should be accessible and affordable, as should all risk mitigation services that support open banking. That is why we took on the challenge of building our own infrastructure in order to carry out regulatory and compliance checks for market participants. By creating an in-house service, we offer a fully compliant solution at a fair price and with advanced technology.
Kannan Rasappan, CEO of Banfico, commented: “The introduction of Banfico’s directory service closes an existing niche in the market after the Open Banking Europe (OBE) service we relied on was discontinued. With this new solution we are able to provide a single API for validation of TPP regulated entities with eIDAS and OBIE certificates with 24×7 support. We strive to continue to offer the best service and to expand our open banking portfolio. ”