Ensuring Legal Compliance with PSD3, PSR & IPR
The Open Finance Compliance from Qwist
IPR, PSD3 and PSR – these current and future open finance requirements are constantly presenting banks and financial service providers with new challenges. Qwist’s Open Finance Compliance solution is the evolution of our proven PSD2 API and has been specifically designed to enable organisations to fully comply with the latest regulatory requirements. With our API, we offer a future-proof solution that ensures compliance with regulations such as PSR, PSD3 and IPR (Instant Payment Regulation) while helping to conserve resources.
Ensuring compliance with applicable law
The compliance guarantee at a fixed price: the solution from Qwist
The third Payment Services Directive (PSD3) and the Payment Services Regulation (PSR) will come into force in the EU in the coming months of 2025. This will have a significant impact on market participants and at the same time offer new opportunities for better customer service. The Instant Payment Regulation (IPR) is already partially in force. Since 9 January 2025, all banking PSPs must be able to receive instant payments. The second stage will come into force on 9 October 2025: all banking PSPs must then be able to offer their customers the option of sending instant payments. This means that by the end of the year, all payment service providers (PSPs) that offer payments by bank transfer must also offer instant payments. If a bank or e-money institution offers an API as a special interface for TPPs (including Payment Initiation Service Providers – PISPs), then this interface must support the initiation of instant payments.
Cost-efficient compliance for financial institutions
Qwist’s solution offers a comprehensive suite of features and services that ensure compliance with the current PSD2 and future IPR, PSD3, and PSR Open Finance requirements. With robust security measures, seamless back-end integration and continuous updates, our SaaS platform empowers financial institutions to navigate the complexity of ever-evolving regulations with confidence. The solution also offers APIs based on the latest Berlin Group standards and integrated consent management. In addition, it offers proven cost savings of up to 70 per cent compared to an in-house solution.
Go-live within a short time
in a few days for the sandbox and in about four weeks for the integration with your existing backend systemsCost savings thanks to efficient solutions
Benefit from a ready-to-use and individually configurable product that conserves your valuable developer resources and at the same time enables proven exception rules.
Efficient & low-maintenance operation
in a powerful and highly available Software as a Service (SaaS) setup that scales on demand and first level TPP support up to 24/7 with guaranteed 99.95 per cent availability
Leading provider in the European open finance sector
A central service provider in Europe that is actively involved in shaping the future open finance landscape (including as a member of the Berlin Group Advisory Board) and is constantly adapting to new regulations, standards and security requirements.
Expandable for all future regulations in the open finance ecosystem
Additional use cases and upcoming EU requirements are supported with an integrated API management platform and predefined modules to enable your open finance strategy without additional infrastructure investments – at a fixed price
How Open Finance Compliance works
Get to know the pioneering and innovative solution
The API solution provides financial institutions with a robust TPP API interface to easily achieve PSD3 Open Finance compliance. Developed according to the Berlin Group’s openFinance API standard, it features configurable APIs, integrated consent management and manages TPPs and their certificates according to the regulation.
To help TPPs integrate with the APIs, a developer portal and API status page are included, as well as an admin portal that provides access to a dashboard, reports and other settings. While the solution is continuously updated based on the latest (regulatory) requirements, it decouples the backend systems through a solid integration layer that can be connected to any existing identity management, core banking or payment system.
Based on market standards
Based on widely used and accepted standards for efficient and secure API provisioning (such as Berlin Group PSD2, eIDAS/ETSI, OAuth2, etc.).
Sandbox, TPP portal and support
A flexibly customisable sandbox environment that supports API tests and the simulation of strong customer authentication (SCA). This is supplemented by comprehensive API documentation with guides, technical specifications (OpenAPI), FAQs, a status page and a 24/7 1st level service desk for TPPs.Regulatory reporting
Provides reports and KPIs at the push of a button to fulfil the reporting requirements of upcoming PSD3, EBA RTS & EBA Guidelines and the ESCB.SaaS hosting and secure operation
Qwist GmbH hosts the SaaS setup in our fully compliant, multi-certified banking data centres in Germany and provides an integrated management system based on ISO 27001 and ISO 22301. In addition, the internal control system is audited in accordance with ISAE 3402 Type II.”
Qwist supported us throughout the implementation of our high UX standards. The project was completed on time and reliably. The future-proof architecture of the solution already allows us to flexibly adapt to regulatory changes.
André Luís Sousa ● Project Lead / IT Department, Internal Systems Development
BNI was looking for a PSD2-compliant interface with a view to PSD3. Qwist’s solution was quickly and efficiently integrated into the existing system.
Demo our Solution
Still have questions about our Open Finance Compliance Solution? Please contact us and we will happily provide you with advice!