Libra Internet Bank assessed Allevo’s FinTP-Connect solution, given the requirements of the revised Payment Services Directive – PSD2. The solution achieves centralized management of requests initiated by financial services providers on behalf of the final customer, for banks (s)he collaborates with.
„From a functional point of view, FinTP-Connect retrieves these requests, transfers them to the Core Banking system, processes them and returns the legitimately requested responses back to the PISP/AISP (Payment Initiation Service Providers or Account Information Service Providers). Requests can be received as JSON/XML – ISO 20022 and they are sent to the internal systems of the bank in native format.”, according to the press release.
By installing and configuring the FinTP-Connect Proof of Concept, Libra Internet Bank made a technical and functional assessment of the solution, looking to extend it together with Allevo teams involved in requirement analysis, development, test and implementation.
The scenarios covered by this Proof of Concept encompass:
. End user (Libra Internet Bank client) multi-factor authentication by means of a financial services third party provider (TPP) app and the bank’s authentication server.
. Financial services third party provider (TPP) authorization by the end user (Libra Internet Bank client), to grant it access to the history of transactions of own bank accounts on his/her behalf.
As per the architecture proposed by Allevo, the complete version of FinTP-Connect ensures the following functionalities:
. API management
. TPP identification
. TPP verification and validation for access to services
. Rules management for applying Strong Customer Authentication (SCA)
. User activity tracking: TPP Management and Fraud Risk Management
. Log of services run by users through the TPP
. Native format configuration: requests from the TPP and responses from Core Banking systems
“We are constantly concerned with the adoption of new technologies in our services. As such, we responded with great interest to Allevo’s proposal to assess the FinTP-Connect Proof of Concept for alignment to PSD2 requirements”, says Alexandru Dionian, IT Manager, Libra Internet Bank.
“We are very pleased about the collaboration with Libra Internet Bank and their openness to embark on such a large scale project, which has benefited from the enthusiastic involvement of our entire team. Once the business requirements and technical details were pinpointed, both the bank’s and our team joined efforts to perfect this solution in a record time, animated by the financial industry’s rapid and broad evolution”, adds Sorina Bera, CEO, Allevo.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”