Fiserv, Inc. has announced a newly expanded agreement with The Co-operative Bank to provide more flexibility for customers to choose how they conduct their everyday banking in relation to the European Union’s Second Payment Services Directive (PSD2). The bank will implement FinKit™ for Open Banking from Fiserv to enable continuous innovation, customer engagement, and easier access to services.
“We are delighted to expand our long-standing relationship with Fiserv as we move ahead with our open banking strategy,” said Darrell Evans, products and marketing director, The Co-operative Bank. “The technology and innovation of Fiserv and their expertise in best practices from across the globe enables us to move forward with our plans and maximise the opportunities open banking presents for our customers.”
The Co-operative Bank views trust and security as key customer requirements, and wanted to ensure that the selected provider could work with the bank to meet and exceed customer expectations in these areas.
The cloud-based managed service delivery model of FinKit for Open Banking appealed to the bank because it will help facilitate the many aspects of open banking compliance, from secure customer authentication to management of trusted third parties (TPPs). FinKit for Open Banking includes access to pre-built APIs and facilitates ongoing compliance through API version control and publishing. This positions the bank to respond efficiently and effectively to the rapid pace of regulatory and industry change.
“Open banking is an area of continual change, and The Co-operative Bank is positioned to move ahead of the curve,” said Lee Cameron, managing director, EMEA, Fiserv. “The bank has taken a leading-edge approach with their decision to utilize FinKit for Open Banking and its managed service model. This is well aligned to the bank’s strategy of leveraging open banking to provide more value to customers.”