New services with PSD2

European banks face a new challenge: the financial system will become more open. The EU and many banks are pushing this development with the new Payments Service Directive 2 (PSD2). Banks need to adapt to these changes, which open many technical and strategic opportunities. The extension of CoCoNet's MULTIVERSA products with PSD2 solutions allow banks to meet the requirements easily, to create new services and to define new strategic roadmaps for future market positioning.

  • PSD2 compliant
  • Ready for open banking
  • Seamless integration
  • Future-proof
  • User-friendly

The new PSD2 directive, which is supposed to create more transparency and competition in the market, forces banks to install processes and open APIs that allow third parties to access the data of their customers. The PSD2 directive obliges banks to allow third parties to perform payment initiations and use account information services on behalf of the customer.

However, based on the PSD2 API, banks with other MULTIVERSA banking products can also create new service offerings, for example providing multi-bank account information beyond the current reach of EBICS.

Customers can get consolidated account information in one place, for example with CoCoNet’s PSD2 front-end. This will be the basis for EU-wide liquidity planning processes and a true advantage in corporate banking for internationally active companies.  

Banks can easily meet the PSD2 requirements and create new services for defining new strategic roadmaps for future market positioning.

Joachim Blank, 
Vice President, Product and Customer Manager at CoCoNet

Request a meeting with Joachim

PSD2 Enabler

The enabler helps banks with MULTIVERSA banking products to meet all legal requirements of the PSD2 directive quickly. It provides a publicly accessible PSD2 API, which grants Third Party Providers (TPP) access to Account Information Services (AIS) and Payment Initiation Services (PIS). The system enables secure connection to the internal bank systems for fetching and providing the required data, handling connectivity data and certificates for TPP validation and logging and auditing processes.  

PSD2 Hub

With the hub, banks can extent their MULTIVERSA product suite to offer TPP services themselves. It connects and unifies numerous external PSD2 APIs and effortlessly supports multi-banking capabilities for bank channels via an integrated unified front-end API. The central hub can be connected with numerous API sets – the unifying approach reduces the complexity of integration and maintenance, and saves costs in development and operations.

PSD2 Front-Ends

New services allow new business models. The PSD2 solutions can enhance the MULTIVERSA product suite to provide further value to customers. From front-ends, which provide all user-related interactions, to data storage. For example, the PSD2 front-end widget enables comfortable multi-banking functionalities, such as:

  • Fetching balances via PSD2 from other banks, e.g. to provide their corporate customers with multi-banking statements.
  • Using payment creation functionality to initiate payments for accounts with other banks via PSD2, for example for cash-pooling activities.
  • Supporting authentication and authorization processes based on the established security procedures.
  • Performing the authorization check on submitted payments.

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