Bank Leumi (UK) has selected Volante Technologies’ VolPay Open Banking solution to implement the Revised Payment Service Directive (PSD2) compliance and enable open banking business models.
VolPay Open Banking enables banks to integrate their back office servicing applications, including payment engines and core banking account holding systems, with the front end application programming interface (API) management layer, that provides the secure managed access to the bank’s environment via APIs.
According to Volante, the solution will allow Bank Leumi to expand into other value-added services.
All VolPay products offer automation, access to out-of-the-box functionality and inbuilt testing.
Nadish Lad, global head of payment products at Volante Technologies, said: “Volante’s VolPay Open Banking solution provides out-of-the-box compliance with EU PSD2 regulation and enhanced capability for a rapid implementation within the bank’s environment.”
He added: “The bank not only achieves compliance quickly it also helps lay the foundation for the bank’s consideration of future revenue generating channels and opportunities. We commend Bank Leumi for their vision of PSD2 compliance as a stepping stone towards playing a wider role in the open API space.”
Dhavarajh Frank, COO at Bank Leumi (UK), commented,: “We looked for a solution that would enable PSD2 compliance quickly without having to make considerable changes to our systems and considered Volante and Token’s PSD2 compliant a perfect one-stop-shop solution to provide this capability.”
He added: “Offering the most compelling propositions to our domestic and international customer base remains a primary focus for the bank and we believe that Volante’s solution will help us in our overall customer-facing capabilities.”
