Solutions for Bank and Financial Institutions

obconnect

Banks and Financial Institutions

Open Banking solutions for Banks & Financial Institutions

For consumers, the benefits of open banking are clear—and younger, digitally native generations already expect them. Letting consumers have ultimate authority over their financial data and allowing them to share with providers of their choosing in a secure standard format promotes the development of new technologies and services. It brings more people into the banking system with greater choices and options while also reducing the time and complexity to access banking services like loans, approvals, and other financing instruments.

Who we work with

Banks

Credit unions

Building societies

London branches

EMI's

Overseas branches

Solutions for Banks & Financial Institutions

Confirmation of Payee

Confirmation of Payee (CoP) is a security measure implemented by banks. It involves the bank cross-checking the name on the account of the recipient when a user initiates a payment or a corporate / bank wants to validate an account. Verifying the account number and sort code, helps ensure that payments are directed to the correct accounts, reducing the risk of fraud and providing enhanced protection for the users.

Bank Compliance Architecture

Open Banking Compliance Architecture is for Banks that need to comply with PSD2 and have chosen the Open Banking standard to achieve this compliance. obconnect provide consultancy services and reference architecture to enable banks to build their own solution. For those who would like to accelerate or keep down cost, obconnect provide a SaaS solution whereby the Bank needs only to connect via simple APIs