Banfico, Author at Banfico

IBM API Connect in Saudi Open Banking Implementation

Banfico had meetings with many of the financial institutions in KSA on the Open Banking implementation in accordance with SAMA mandates. Banfico found many financial institutions leveraged IBM API Connect (APIC) using the standard OIDC Provider and deployed APIs based on the Open Banking UK Standards.

Saudi Open Banking Out-of-the-box solution

SAMA Open Banking Standards SAMA published the open banking standards on 02 Nov 2022. This has been a culmination of the hard work from all stakeholders including banks, fintechs, Saudi Payments and SAMA. A truly collaborative effort over a challenging timeline. Considering the SAMA’s current

CP22/2 – PSR CoP Consultation for UK-wide Rollout

Background of CP22/2 Confirmation of Payee is a name checking service for UK-based payments which Pay.UK launched in 2020 and which has now been successfully implemented by more than 30 UK banks. It has also been recently awarded the “Consumer Anti-Fraud Solution of the Year”

Banfico and Adorsys Announce Partnership in Open Banking

May 2022: Banfico, a niche Open Banking technology solution provider to banks and fintechs, and adorsys, a financial ecosystem integrator, are pleased to announce a value-added technical partnership agreement between the two companies. With more than 15 years’ experience supporting banks, insurance companies and TPPs

Arion Bank Chooses Banfico Open Banking Directory

Arion Bank, one of Iceland’s leading universal banking groups, has chosen the Banfico OB Directory Plus to support its Open Banking and PSD2 access-to-account compliance process. The new Act on Payment Services which transposes the Revised Payment Services Directive (PSD2) into Icelandic law, entered into force

OB Directory: Mitigating Open Banking Risk

Under the second EU Payment Services Directive (PSD2) and the UK’s Open Banking Regulation, banks are required to allow third parties with the appropriate payment services permissions to access their customer payment accounts and prevent access for organisations without these permissions. If banks fail to

The End of Modified Customer Interface (MCI) as Primary Open Banking Interface

On November 29, 2021, the Financial Conduct Authority (FCA) published a Policy Statement on “Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money’”, which provides information on the use of a Modified Customer Interface (MCI) following industry consultations. MCI Cannot Be

Banfico Announces Expansion to Brazil with a New Subsidiary

Open banking and payment expert Banfico expands with a new subsidiary in Brazil. Banfico today announced the launch of its subsidiary in Brazil, Banfico Tecnologia Ltda in São Paulo. The creation of this new subsidiary closely follows the launch of Brazil’s Open Banking roadmap which

Brazilians Welcome Open Banking

In the two years since open banking was approved by Brazil’s Central Bank, there has been a great deal of progress, despite a few set backs. Here, we look at how CIP, in partnership with Banfico, is helping spearhead the change. Originally due to be

Banfico Launches Open Banking Directory Service

Banfico has launched an Open Banking Directory Service, enhancing its open banking portfolio, already being used by communities around the world. The Banfico Directory will form part of the TPP regulatory validation service being used by Account Servicing Payment Service Providers (ASPSPs) in Europe and