Volante’s paytech to support PSD2 and open banking at QIB UK
Volante signs QIB for PSD2 paytech
Qatar Islamic Bank (QIB) UK has signed for a new paytech solution to comply with the PSD2 and open banking regulation, supplied by Volante Technologies.
QIB UK will implement Volante’s VolPay Channel: Open Banking as well as the PSD2-compliant APIs provided by the vendor’s partner Token.
The result will be an “out-of-the-box solution for handling complex orchestration related to PSD2 regulation, along with flexibility to handle the evolving open banking landscape”, Volante explains.
“VolPay Channel will not only manage the two-way communication between the API layer and the bank’s systems, but also tie the authentication and execution of the payment into a meaningful user journey across multiple use cases,” the vendor continues.
“The solution has been designed with interoperability in mind,” it adds, “providing banks with an option to work with multiple TSPs in one or more geographies”.
Philip Benson, senior operations manager at the bank, says QIB UK will become PSD2 compliant “within only a few months without having to divert costly IT resource to the project”. This is due to VolPay’s “high degree of automation”, Volante explains, which enables a quick deployment with minimal disruption.
