Sirma launches the first Bulgarian end-to-end software suite, fully compliant with PSD2

Sirma announces the release of its first end-to-end FinTech software suite: Open Banking Suite, which is fully compliant with PSD2.

„The Open Banking Suite (OBS) has been designed to provide banks and FinTechs with a comprehensive solution to achieve compliance and to explore new business opportunities in payments. OBS is a modular solution for the financial sector that provides organizations with the main functionalities they need for a successful PSD2 journey.”, according to the press release.

The suite consists of three modules:

Up2Connect (API Hub), which helps banks to achieve open banking compliance through APIs

Up2Seal provides a solution for enhanced security with Strong Customer Authentication (SCA)

Up2Pay and serves as a software POS terminal

OBS works with Open Banking processes, carrying out payment transactions initiated by a merchant and authorized by a payment service user (PSU). Each module can be used as a stand-alone solution or integrated as a bundle.

„Open Banking Suite is a vendor-independent solution that does not require additional software and, can be deployed in a short time-frame. It is designed to reduce complexity and streamline integration. The software suite enables clients to launch innovative financial services products, with reduced time to market and ensures they are PSD2 compliant.”, the company said.

Among the main benefit of OBS is its modularity. There is an option to be integrated either as a bundle or to select modules individually to suit the business need. It also ensures regulatory compliance, as OBS is aligned with EBA’s Regulatory Technical Standards.

„The software is intuitive and offers seamless processes workflow, designed around the end customer. The result is a frictionless customer journey and a better user experience.”, company added.

This new software suite empowers financial institutions to create new revenue streams by opening up opportunities to grow and extend their card-based acquiring business and target new merchant categories utilizing open APIs.