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Trusek Limited

Proactive banks will benefit from PSD2 says Fintech company Trusek

15 August 2016 12:00

FOR IMMEDIATE RELEASE

Banks with a proactive response to PSD2 will steal a march on their competitors, according to Fintech firm Trusek.

Responding to last weeks PwC report into the response of banks to PSD2, Trusek co-director Steven Hatton said that banks have an enormous opportunity with the new legislation.

Steven said: “Those banks that act first will gain an advantage because they already have a trusted relationship with their customers.”

He added: “By creating their own financial oversight and management tools the banks, along with their customers, will be able to see their finances in one place.

“This will then enable banks to offer more suitable products to their customers too.”

But referring to a 2018 deadline, when PSD2’s mandate takes effect, he also said that banks need to act fast “before the free-for-all feeding frenzy begins”.

The report, published by PwC last week, claimed that more than two thirds of bankers fear that PSD2 will mean they lose control of the client interface.

Steven, who has a wealth of experience in international financial development, says that despite his company’s technological background this is not just about technology.

The co-director suggests that “those creating the strategies within banks need to change their mindset”.

He said: “Banks need to understand that including third party services is not a bad thing, and they must convince their customers that they are acting in their best interests.”

The core of Trusek’s proposal claims that by utilising a connections platform to act as a bridge between their core banking system, there only needs to be one set of API’s from this system.

It is suggested that there would be significant benefits of using a single API, including a reduction in the amount of development required, and the ability to leave current core systems undisturbed.

In a survey of 1000 German consumers, PwC found that almost 90 per cent already use third party digital payment services such as PayPal, and that over 80 per cent believe that companies like PayPal can handle transfers as reliably and safely as their banks.

Notes to Editor:
• For Media comment and interviews contact Steven Hatton on 02070480470 or email steven.hatton@trusek.com

• For more information about Trusek visit www.trusek.com

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About Trusek Limited

We are a 10 strong UK-based team of engineers and technology specialists with a 12 year track record of developing and delivering software and technology to the Fintech and Payments sectors. We have worked with some of the most exciting start-ups to deliver new kinds of challenger financial technology.
We deliver a flexible, collaborative approach which creates the right technology solution to support financial business via a flexible, modular SaaS-enabled application platform. It gives you access to a proven suite of modern banking and financial services technology at a fraction of the cost, and in a fraction of the time it takes to create an in-house solution.
Trusek modular software and platform infrastructure is used by marketplaces, lenders, banks, bank-tech providers, e-money companies, remitters/forex brokers, charities and communities – it can provide a major boost for any organisation that needs to accept, manage and send value. It enables them to scale up from today’s needs with a rich functionality that supports:
Payments Received – from multiple inbound sources
Payments Management – multiple currency; reconciliation and reporting; interfaces, card to card transfer
Payments Out – payroll; foreign exchange settlement; bank transfer capability
Third-party integrations – acquirers, processors, compliance
This allows customers to create and manage propositions that accept and make payments including:
e-Wallets and current, deposit, credit accounts
Full loan facility including managing multiple products and lending sources
International value transfer
Payroll management
Funds disbursal
Prepaid and other cards and vouchers

http://www.trusek.com

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