Sopra and Axway forge Open Banking partnership

Source: Sopra

Sopra Banking Software, a trusted partner for banks, and Axway, a catalyst for digital transformation, are preparing a digital platform that aims to create new customer experiences while enabling financial players to comply with PSD2.

Full-throttle change in the world of banking: the emergence of Open Banking
For several years, new comers (retailers, FinTechs, and Gafas etc), who increase customer expectations, and regulatory pressure have been radically changing the banking landscape. New regulations are stimulating this transformation: they aim to promote innovation and competitiveness but also to protect citizens. By 2018, with PSD2 banks will be legally obliged to share information linked to their customers’ accounts with authorised third parties. These third parties will also be able to directly initiate transfer transactions from these accounts.However, banks will remain responsible for their customers’ data and transactions. So, banks have less than a year to prepare for this radical change, which is tantamount to an in-depth overhaul of their industry.

Innovation supporting customers and banks
Sopra Banking Software’s and Axway’s strategic partnership aims to create an open and connected services platform that will enable banks to address requirements linked to new customer experiences, but also to meet the challenges posed by Open Banking. Its first objective is to support PSD2 implementation.

Based on open standards, this digital platform capitalises on Sopra Banking Software’s solutions and business expertise especially in the Customer Engagement domain as well as Axway’s technological know-how particularly, in Digital Transformation leveraging API Management, Analytics and Mobile technology.

This new platform will make it possible to leverage customer data and monetize innovative services. This initiative draws on the capacity to combine services, using an agile and seamless approach, with any possible partner, including FinTechs. Access to the resulting added-value services will be secured and standardised, in omnichannel mode. The platform will be fully unveiled in the coming weeks.

According to Eric Pasquier, CEO of Sopra Banking Software and Sopra Steria Board Member, ‘Open Banking is a major challenge for banks. Our platform represents a unique combination on the market with Sopra Banking Software’s powerful business and banking system expertise, allied with Axway’s recognised technological know-how. We are thrilled to offer our customers a unique opportunity to get ahead and position themselves as an innovative leader with regards to their customers.’

Jean-Marc Lazzari, CEO of Axway, added: ‘This platform takes full advantage of Axway’s innovative offer AMPLIFY™, to provide the agility required to interact and collaborate with any type of partner and deliver innovative, secured, and easily accessible digital services. Sopra Banking Software’s and Axway’s combined solutions guarantee a seamless and consistent customer experience, regardless of the channel or media used.’
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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