Qatar Islamic Bank (QIB) UK has chosen Volante Technologies’ VolPay Channel: Open Banking and PSD2-compliant APIs offered by the vendor’s partner Token.
The vendor said that VolPay has the ability to manage PSD2-related complexities, and the flexibility to navigate the evolving open banking landscape.
QIB (UK) senior operations manager Philip Benson said: “By using Volante’s ready-made PSD2 solution, we are able to become PSD2 compliant within only a few months, without having to divert costly IT resource to the project.
“This enables us to focus on our core business and we continue to serve our UK clients in the best way possible.”
VolPay is said to have the capacity to manage the communication between the API layer and the bank’s systems.
At the same time, it is said to have the ability to tie the authentication and execution of the payment across different use cases.
The solution has also been designed to support interoperability, Volante said, and will enable banks to work with different TSPs in multiple regions.
Volante Technologies global head of payment products Nadish Lad said: “Banking practice and regulation is changing faster than ever and it is important to lay down a firm foundation for Open Banking and payments orchestration rather than embarking on piecemeal development.”