In the ever-evolving world of Open Finance, Berlin Group openFinance is now introducing an exciting new feature in the Version 2 Architecture: a subscription service that pushes financial account-related information directly to customers or to API Clients such as regulated Third Party Providers (TPPs).
The V2 Push Account Information Service (PAIS) comes with data models fully compliant with the Version 2 Architecture and offers the pushing of new financial account-related information in already 4 diverse variants (more can flexibly be added later):
1. Pushing of account entries, such as new account entries for incoming instant payments.
2. Pushing of account statements, offering more comprehensive information than the PSD2-regulated transaction reports. ;
3. Pushing of balance information, to inform when e.g. a certain balance threshold is met.
4. Pushing incoming Request to Pay (RTP) requests, e.g. to forward all incoming RTP requests due within a certain timeframe or warn about RTP requests nearing their expiry date.
The trigger criteria for pushing this information are agreed upon when a bank customer subscribes to the service, either directly or via an API Client like a TPP. The subscription can be customized according to the customer’s preferences, allowing them to select the types of information they wish to receive and the frequency of these updates.
PAIS allows banks to provide secure real-time updates to their corporate customers and TPPs, enhancing the customer experience and offering a more dynamic financial management. By offering this, PAIS is mirroring APP functions in retail banking to the corporate space. Plus, PAIS can be integrated with other banking systems and platforms, enabling a seamless exchange of information and a unified customer experience.
„The Berlin Group openFinance’s PAIS is a significant step towards a more customer-centric and interactive banking experience. It bridges the gap between banks and their corporate customers or TPPs, ensuring that all relevant parties are always up-to-date with the latest account-related information. This empowers them to make better and informed financial decisions.”
Curious to learn more? Check out PAIS here: https://lnkd.in/eCZVUtkf
Berlin Group openFinance has published the Roadmap 2024 in a dedicated Workplan
The openFinance Advisory Group & Board and the openFinance Taskforce have decided on the standardisation priorities for this year. The Workplan 2024 is an expression of the unwavering dedication and strong commitment of Berlin Group to the European Open Banking, Open Finance, and Open Data space.
The openFinance Workplan 2024 builds on the strengths of the openFinance API Framework Version 2 Architecture. The powerful data- and consent modelling with the highly efficient orchestration of core-PSD2 and premium Open Finance value-added services in Version 2 allows Berlin Group to extend with further service definitions and functionalities.
After delivery of the Version 2 Premium Payment Services (Request to Pay, Multiple Recurring Payments, Reservation of Funds and Deferred Payments) last year, the Workplan 2024 aims to introduce exciting new features such as Direct Debit mandates, basic Document Services (integrated Document Services already available since last year), and Verification of Payee. This expansion of the existing Framework will also include technical and administrative functions to provide direct access via the API Framework to Corporates and Wallets.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
