Volante Technologies has been selected by Qatar Islamic Bank UK plc (QIB) to implement Second Payment Services Directive (PSD2) compliance for the bank.
QIB will utilise Volante’s VolPay Channel Open Banking and Token, which will deliver a solution for handling orchestration related to PSD2 regulation.
The VolPay Channel will also tie the authentication and execution of the payment across multiple use cases.
According to Volante, the solution has been designed with interoperability in mind and includes high degrees of automation, enabling a rapid implementation with minimal disruption to QIB.
Nadish Lad, global head of payment products at Volante Technologies, commented, “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.”
He added: “The complexity is not only in the integration, but it is also around adapting multiple use cases for a seamless improved customer experience.”
Philip Benson, senior operations manager at QIB (UK), 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.”
He added: “This enables us to focus on our core business and we continue to serve our UK clients in the best way possible.”
