A new service helps banks align with PSD2

A new service helps banks align with PSD2

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The platform created by Borika and Bulpro accelerates the process Miroslav Vichev (left) and Ivaylo Slavov announced an innovative banking compliance service with the legal requirements of the PSD2 directive. (EU) 2015/2366 (or PSD2), which entered into force in March 2019.

The platform will support payment service providers in view of their new EES standards imposed by the introduction of PSD2. According to the Directive, all EU banks should provide a secure and standardized approach to payment service providers on user billing accounts for account information and payment initiation.

The XS2A Gateway Service allows banks to provide a portal to access their APIs and sandals and follow PSD2 regulatory technical standards. The XS2A Gateway covers the requirements of the Directive, providing a secure and standardized access to billing accounts, ensuring payment security and a secure environment for their deployment.

A shared platform is a good opportunity for banks in our country to achieve cost-efficiency and speedy compliance with these regulatory requirements and to adapt to a new competitive environment of “open banking”. The solution is built on the IBM API Connect platform and is based on the National Technical Standard BISTRA (Banking Interface for Standardized Payments).

“Borik has a leading role in introducing a new PSD2 payment directive in Bulgaria and this is quite natural, given the company’s business on the country’s banking market,” said Miroslav Vichev, Chief Executive Officer of the company. Most of the bank’s business is carried out as a field service, teams and Borik.

An innovative solution helps financial institutions meet the requirements of the current PSD2 directive and meet today’s market demands and exploit new business opportunities for open banking, said Ivailo Slavov, Director of Bulropes.

A new service helps banks align with PSD2

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