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July 31, 2019updated 01 Aug 2019 5:47pm

Open banking platform provider Token readies TurkishBank UK for PSD2 compliance

By Douglas Blakey

TurkishBank UK is partnering with Token to provide third parties regulated PSD2 compliant access to its UK customer accounts.

In addition the TurkishBank UK and Token partnership provides the bank with the capability to expand its digital banking strategy.

The deal covers TurkishBank UK’s retail and business customer accounts.

By using Token’s API platform, TurkishBank UK can now be accessed by any regulated Third Party Provider (TPP) in Europe.

Moreover, the bank can launch multi-banking services that bring together accounts from multiple institutions into a single customer view.

It also delivers crypto-based security and programmable money technology. Consequently, this guarantees full compliance with the Regulatory Technical Standards (RTS) for Strong Customer Authentication.

Steven Bennett, CEO TurkishBank UK says: “PSD2 has been a driver for open banking in the UK. With Token’s API we can look beyond compliance and start leveraging the opportunities it is creating.

“Token’s integration relieves a variety of technical pain points for us. It provides a standardised, secure way to offer even more flexibility around customers’ banking needs and deliver new digital services.

“The platform is scalable and means we can expand our digital services abroad. Though domestic regulation in Turkey is lagging behind the UK, open banking is gaining pace in Turkey. This presents a strong growth opportunity for the Group.”

Token partners with TurkishBank UK: generating value from open banking

Marten Nelson, Co-Founder of Token, adds: “We’re not just providing a compliance solution to banks. We’re freeing them from technical integration burdens and overcoming API fragmentation, so they can generate real value from open banking. “PSD2 represents a new era in UK banking and other markets are starting to implement their own regulations. Our partnership with TurkishBank shows the value that API standards deliver to the ecosystem: banks, merchants and consumers.”

TurkishBank UK serves the banking needs of the Turkish speaking community in the UK online and via eight branches.

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