Intro
PSDS2Hub (banqware) helps business (our Clients) to connect to a wide range of financial services from different providers, without the hassle and complexity of integrating separate APIs.
With banqware PSD2Hub, it is possible to read bank data, analyze financial sources, initiate transfers, verify account balances, aggregate finance sources into one customer experience and analyze transactions. This allows our Clients, for example, to carry out credit checks or, at the request of the account owner, to offer individualized financial tips based on the data. Machine learning ensures ever more precise associations and thus a considerable added value for Clients who create applications and products based on banqware technology.
From an architectural perspective, banqware PSD2Hub is an API on top of many different ASPSP APIs. Its main objective is to provide TPPs (Client) developers with a single, unified point of implementation, regardless of the specificities of the downstream interfaces exposed by the ASPSPs (mainly APIs but other types of interfaces like scraping robots are not excluded). No two ASPSP interfaces are built the same in the current open banking ecosystem and no two ASPSPs are similar.
PSD2Hub abstracts that complexity by proposing only one clean API. Implement it once and support all current (and future) supported banks.
Developers are already facing fragmentation at this early stage of PSD2 XS2A implementation in the EU. They already have to manage the complexity of dealing with dozens of variations in:
TPP onboarding processes by ASPSPs
The ASPSP's APIs' granularity
HTTP verbs and status codes
Error handling
The execution workflows
The ASPSPs' implementation of the three authentication models
The pagination models (e.g. in list of account transactions)
Etc...
The ambition of banqUP PSD2Hub is to abstract that complexity for our Clients and reduce the integration efforts from many to one, based on a clean and standardized API.
PSD2HUB help TPP to succeed by:
Providing a single secure interface to several banks
Lowering the workload of onboarding
Providing international bank reach to TPPs in one single integration
Minimize time to market, so TPP can compete on a larger market from the start
Acting as a matchmaker between banks and the TPP ecosystem to accelerate partnerships
Service models
Our Clients are TPPs (including banks) and fintech companies. We offer our solution in 2 operational models:
For clients having its own TPP license
we offer PSD2Hub as-a-service with pure pay-as-you-go cost model
for Client specific requirements, we can provide PSD2Hub on-premise installation
For clients having without TPP license
(will be available later 2019)
If you are not TPP, you can still offer your customers added value on the basis of account data, also under PSD2. The PSD2Hub makes it possible to provide your service – under certain circumstances – without your own license or registration with the Financial Supervisory Authority despite PSD2 or the National Payments Supervision Act, so you can focus on the essentials – providing the best service to your customers. Put your resources where they bring you the most value and leave the regulatory compliance to us.
Important: In the final analysis, Financial Supervisory Authority will decide on registration and licensing requirements on an individual basis or a possible integration of PSD2Hub.