Avaloq is driving the digital transformation and automation of the financial services industry. Based on their fully integrated banking software, they create powerful digital experiences provided through a standardized Business Process as a Service (BPaaS) or Software as a Service (SaaS) model to banks and wealth managers.
Avaloq is the only independent provider for the financial services industry to both develop and operate its own software.
The story of the open banking implementation
With the adoption of the PSD2 regulation into national law of EU countries in January 2018, the race was on to undertake the technical implementation of the open banking standards ready for the 2019 deadline. For financial institutions, as well as technology and service providers, this presented a significant challenge; notwithstanding the lack of agreement and consistency as to the definition of the Regulatory Technical Standard (RTS) itself. Nevertheless, apart from a few exceptions, the financial community has successfully come through this transition and is reflecting on what happened. Indeed, as the dust starts to settle, many are now asking: what has changed?
Avaloq has worked together with its community of financial institutions and partners to successfully implement PSD2 over the period. Fourteen Avaloq clients were operating payments in the EU jurisdiction, and therefore needed a new, highly secure, PSD2 solution: a solution that required close collaboration with its long-time partner for security technology, Ergon, and its Airlock© solution.
The outcome was more than just a PSD2 compliant solution. For many, the greater benefit was the additional agility, security and simplicity that could be delivered to their clients.