After delivering some innovative solutions for FedNow in the US and MEPS+ in Singapore, PaymentComponents delivers a P27 solution for the Nordics.
Enhancing its Finaplo Financial messaging solution with P27 payments “allows banks in the area to alleviate the burden of transitioning to this new protocol.”
P27 is “a joint initiative within the Nordics to establish a pan-Nordic payment infrastructure for domestic and cross-border payments in the Nordic currencies and the Euro.”
The Finaplo solution is “offered as an embedded SDK that banks can integrate into their payments application and allow them to build, validate and parse their P27 messages.”
Additionally, an online service, which is also available via APIs for message validation, is offered “to speed up testing for the messages of the P27 payment protocol.”
The use of their financial messaging libraries “allows developers to embed our tools into their existing projects and to navigate this change smoothly.”
PaymentComponents is “a global B2B solution provider for the Payments and Open Banking space.”
They provide open and light software components “in payments, financial messaging, and open banking that can transform your business.”
Their solutions are “the necessary ingredients for more than 60 Banks, and Financial Institutions spread across 25+ countries to help them innovate and become digital champions.”
As covered, the team at PaymentComponents, a UK-based firm that’s empowering Open Banking with agile PSD2 and API frameworks (developing solutions for banks, corporates, and developers including BaaS while supporting Fintech payments), notes that Open Banking could translate into additional revenue streams for financial institutions and other service providers.
PaymentComponents writes in a blog post that the banking sector is evolving rapidly. In September 2019, the Payment Service Directive 2 (PSD2) was officially launched in the EU, which marked a key milestone “towards the advent of Open Banking,” which may offer new ways of connecting banking platforms and financial institutions to their clients.
PaymentComponents further explains:
“The new EU directive seeks to give customers more choice, allowing them to [share] financial data with third parties. While this is going to be a cumbersome task for traditional financial institutions to [adopt,] with banks worried about losing their grip on customers’ data, [but] if done right, open banking can be considered a force of good for the industry as a whole.”