From January 2018, the revised European Payment directive (PSD2) comes into force.
PSD2 sets out to promote innovation, ensure security in payments services and build stronger consumer protection. A framework is provided for third-party providers offering access to accounts, establishing a secure legal basis for new services.
Omikron products are fully prepared for banks to ensure compliance with the new directive:
Open Banking APIs
A fully integrated “Access to Accounts” (XS2A) interface is provided for the omni-channel Omikron Communication Platform. This interface ensures that banks can support Payment and Account Service Providers. Data is exchanged using ISO 20022 standards and REST API as required by the Regulatory Technical Standards (RTS).
For banks this channel is fully embedded in the client e-banking platform and sits easily alongside other client access channels (e.g. EBICS, MCFT, online banking). The internal processing for all channels uses standarized workflows and clients can continue to work with their existing authorization method.
Strong Customer Authentication
Omikron has a range of powerful solutions for strong customer authentication, all of which are PSD2-compliant. These include:
- Digital signature based on the RSA standard, with various chip cards/smart-tokens if required
- QR-Code signature using Vasco tokens
- Mobile signature app
In addition, the Omikron Communication Platform includes comprehensive audit trail and logging capabilities, which meet the requirement for traceability.