Spinbits was approached by one of the biggest online banking operators in Europe to help carry out a challenging project. It was the implementation of the AIS (Account Information Services) for the online banking processor. It allows the operator’s customers to obtain the payment user's data directly from their banks, and with his consent, while simultaneously maintaining full compliance with the directive PSD 2.
As always, we started from scratch. First, we conducted workshops with the Client, during which our analytical team analyzed the whole project and the Client’s idea. After we figured out what the work process should look like, we created technical documentation. When everything was ready, all that was left was Client acceptance. He obviously approved it!
Basing on the conducted workshops and created documentation, we assembled a team of experienced Senior Backend Engineers that was working simultaneously with another team.
The team was working with the use of new, yet reliable and tested technologies: PHP 8, Symfony 5.4, PostgreSQL, Docker, and AWS SQS Services.
The client needed to implement the payment processing with the use of AIS - Account Information Services. Why? Manual account authentication is problematic because there’s always a need to ask customers for additional KYC documentation, which takes a lot of time and may cause costly mistakes. KYC stands for Know Your Customer - it’s a set of documents that allows for establishing the identity of a person. Usually, Photo Proof or Address Proof is obligatory to open a bank account. With the tool we were working on, customers’ full names and account numbers can be confirmed by secure access to their accounts. Now it’s time for a faster, more affordable, and time-saving solution!
What is AIS?
The Account Information Service provides the ability to extract individual or company transactions. It also gives you access to the customer's online payment account information.
What is the PSD 2 Directive?
PSD 2 is a second iteration of the European Union directive introduced in 2007. PSD is short for Payment Service Directive which aims to regulate payment services and payment service providers. PSD 2 deals with better competition and participation in the payments industry. It also introduces security requirements for the initiation and processing of electronic payments and the protection of consumers' financial data. Does PSD 2 affect banks? Yes, because it allows non-banks, corporates, or FinTech businesses to directly access consumers' bank accounts to gain access to customer data and make payments.
Well-functioning payment processing
Ultrafast account ownership authentication
Permanently anonymizing user’s data
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