In response to open banking development in the European market and an increasing interest from countries outside EU, Tieto has launched an API Hub – a global test environment for financial institutions interested in opening up their application programming interfaces (APIs).
Tieto API Hub is a web portal where professionals in banks and other financial institutions can explore various Open Banking business models and test how open APIs work in practice. Moreover, the portal will ensure fast onboarding of banks seeking to obtain PSD2 (European Payment Services Directive) compliance.
Once registered on the Tieto API Hub, users will be able to learn about APIs for access to account (X2A) services, read related documentation and evaluate Tieto’s platform for PSD2 compliance. The APIs are made available in a ‘Sandbox’ environment, which contains dummy data and functionalities imitating real banking system. Tieto has built its solution based on the Berlin Group implementation guidelines.
After experimenting with the Tieto API Hub, banks can apply for a fully functional API Platform. The platform will ensure banks with PSD2 compliance and provide access to a developer portal where new financial services can be built and subsequently offered to Third Party Providers (TPPs) through open API’s.
With the launch of the API Hub, Tieto has extended its Open Banking Platform with a SaaS delivery option. Tieto will continuously supplement the portal’s functionalities and the API codes it offers.
“Our Open API Hub is available for all to get accustomed to PSD2 compliant APIs and is just one piece of Tieto’s Open Banking platform,” says Valdis Janovs, Head of Instant Retail Payments and Cards, Tieto. “We are in the position to help banks that are still developing their API strategy to be compliant with the regulations and have access to a platform that will support any future Open Banking strategy, including API marketplace, API aggregation, Platform Banking and a built-in API monetisation capability.”
“We are committed to be our customer’s first choice for their business renewal and sustainability,” continues Janovs. “Changes in payments landscape and related legislation are disrupting the financial services business and we are here to assist banks in their digital transformation journey with consultations and reliable system solutions.”
Visit Tieto API Hub: api.tieto.com
For more details please contact:
Kristaps Puķe – Sales Executive, Financial Services, Tieto
GSM: +371 29 186 680 – e-mail: kristaps.puke (at) tieto.com
Edgars Bremze – Strategic Product Manager, Financial Services, Tieto
GSM: +371 29 204 050 – e-mail: edgars.bremze (at) tieto.com
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