S&G Technology Services‘ team is pleased to announce the successful proof of concept completion of Open Banking for T24, with Temenos. Our team utilized the deep know-how in banking software integration, UX design, and authentication, and implemented a fully working proof of concept covering the main use cases for Revised Payment Service Directive (PSD2).
Leveraging our expertise in integration and interaction with T24, Temenos used S&G team to deliver a fully integrated product offering with secure access through an API gateway. In addition to our core Temenos integration expertise, our team applied their expertise in Mule, Edge connect and used HID for secure authentication.
Aaron Phethean, Marketplace director said “S&G Technology Services were able to extremely quickly mobilize a multidisciplinary team enabling us to fulfill the main use cases for this PSD2 related proof of concept. S&G’s team proved extremely competent, adaptable and committed to the success of this initiative. This is the latest of a number of very successful collaborations between Temenos and S&G Technology Services, and we look forward to working with S&G on many more initiatives”, added Mr. Phethean.
Front Office main role is to facilitate the process of digital engagement during the customer’s lifecycle, while offering benefits to both staff and customers, and enhancing the product’s multi-channel capabilities. Owing to the system’s powerful data analytics, financial organizations can gain valuable insights and examine customers’ lifestyles and transactional behaviors. This empowers financial institutions to offer a personalized customer experience, for instance, timely and relevant advice, tailor-made offers and rewards, and relationship-based pricing. Front Office integrates seamlessly with both service channels – back-office data and self-service, in order to provide a reliable customer experience.
PSD2 will allow third-parties to provide innovative financial services to bank customers, providing access to their data in a controlled and secure environment. It will allow businesses like Amazon or Google, for example, initiate payments for the users directly from their bank accounts. Banks are obligated to provide these third-party providers access to their customers’ accounts through open APIs. PSD2 will also require stronger authentication checks when they are paying online, particularly for high-value transactions.
Temenos Group AG (SIX: TEMN) is a market-leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers.