TurkishBank is partnering with Token to provide third parties regulated PSD2 compliant access to its customer accounts.
In addition the TurkishBank and Token partnership provides the bank with the capability to expand its digital banking strategy.
The deal covers TurkishBank ’s retail and business customer accounts.
By using Token’s API platform, TurkishBank 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 says: “PSD2 has been a driver for open banking in the . 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 , open banking is gaining pace in Turkey. This presents a strong growth opportunity for the Group.”
Token partners with TurkishBank : 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 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 serves the banking needs of the Turkish speaking community in the online and via eight branches.
