Client

Creditas Bank is a prominent retail bank in the Czech Republic, known for its diverse range of financial services. It is a key user of Qinshift Multichannel software, provided by Qinshift, a global entity. Creditas Bank offers services like internet banking, mobile banking, branch applications, call center support, and more.

Challenge

Liberating Account Accessibility under PSD2 Directive

In the dynamic realm of European regulations, PSD2 stands as a catalyst for change, not just imposing limitations but dismantling barriers in the realm of banking. The transition to Qinshift brought about transformative opportunities. One such achievement was assisting Creditas Bank in pioneering a groundbreaking initiative: granting clients access to accounts across different banks through their internet banking interface.

Solution

Seamlessly Connecting Financial Realms

The financial sector, alongside fintech enterprises, is actively gearing up for the integration of the European PSD2 directive, which centers on payment services within the internal market. This directive mandates banks to establish secure gateways for querying account information, transaction histories, and executing payments. Remarkably, it becomes the first of its kind to mandate banks to share specific data with third parties, all while safeguarding customer interests.

Benefits

·        Navigating the Complexity: The implementation of various PSD2 APIs by distinct banks accentuated the need for an aggregator proficient in connecting with diverse banking systems. Qinshift's role rises to this challenge, offering a dual role. It not only exposes a bank's PSD2 API to fulfill legal obligations but also serves as an aggregator, interfacing with PSD2 APIs of neighboring banks, amalgamating them into a comprehensive, unified solution. This aggregator ensures consistency, presenting a singular and continually updated interface.

·        Pioneering API Aggregation: At Qinshift, the journey of API aggregation holds profound significance. As trailblazers, we introduced one of the initial, functional implementations of cross-bank account aggregation. For instance, clients of Creditas Bank can now seamlessly access their Fio banka accounts through the Creditas Bank internet banking platform. Presently, our focus remains steadfast on extending this connectivity to other financial institutions.