The Glue, a provider of infrastructure solutions for financial institutions, has launched PSD2now, which is designed to support the Payment Services Directive 2 (PSD2).
BNP Paribas Fortis has selected The Glue framework as the first step in helping the bank to deliver PSD2.
PSD2now is the first in a suite of new solutions being developed by The Glue, providing users with a fast and non-disruptive solution which supports the requirements of the forthcoming PSD2 regulation. Its flexible, modern design enables The Glue to connect with existing payment and legacy systems with minimum impact to the business.
The solution “glues” front-end channels and API-ecosystems to existing banking systems and supports the rapid creation of new products and offerings. It can be quickly adapted to accommodate the needs of any emerging regulatory or new client driven demands.
“Although the EBA has not yet defined the exact requirements, the impact of PSD2, which comes in to effect in early 2018, will be a game changer for both banks and customers alike,” says Stefan Direckx (pictured), co-founder of The Glue. “Soon all financial services providers will be forced to securely expose highly sensitive client information, contained within internal payment and account services, to approved third party organisations, and we are finding that many of the banks’ existing systems will simply be unable to cope with the proposed requirements of the new directive. The benefits of our highly adaptable PSD2now offering are many and varied, as it will not only help users to very quickly respond to new regulatory mandates, it also significantly decreases time-to-market by providing ready-made business models, enabling the faster delivery of new value-add services, using existing legacy and front end systems. The solution is intuitive and easy to learn and incorporates all the standard non-functional banking requirements including DR, exactly once processing security etc.
“We are also delighted that BNP Paribas Fortis, one of the world’s leading financial institutions, has chosen to work with us on this important programme. Over the last couple of years, we have developed a close and collaborative relationship with the bank, and are now completely aligned in our desire to build innovative, new solutions, based on a robust technology infrastructure that delivers our combined digital transformation goals. By working closely together on their PSD2 project, our two organisations have developed a mutually respectful partnership which we believe has formed the basis of a successful and continuing relationship over the years to come.”
“Our goal was to build a modern and flexible next generation infrastructure that enables financial institutions and insurance companies, the world over, to be active players in today’s fast moving mobile and digital environment, which we have achieved,” says Jurgen Ingels, co-founder of The Glue. “From a business development perspective, the last 12 months has been incredibly busy. We not only released the first version our new product offering; established a very successful collaboration with BNP Paribas Fortis, but also completed a EUR5 million funding round. We are very excited about the future and continue to invest in our software solutions to create a development roadmap which is in line with our customers’ precise needs. We are also focussed on increasing our client footprint in Europe and as well as expanding into the North American market.”
