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BULPROS, one of the fastest growing technology companies in Europe, in partnership with BORICA, a leading service provider in the financial sector, have successfully developed a standardized platform for achieving regulatory compliance with the requirements of Directive (EU) 2015/2366 (Payment Service Directive or PSD2).
PSD2 requires that all banks in the European Union give third-party payment service providers a reliable and standardized access to users’ payment accounts for account information and payment initiation. The standardized platform, developed by BULPROS and BORICA, is aimed at supporting payment service providers during the PSD2 adoption and helping them fulfill the regulatory technical standards.
The innovative Access to Account Gateway service (XS2A Gateway) enables banks to provide open access to their Application Programming Interfaces (API) and sandboxes, and to comply with the PSD2 regulatory technical standards. XS2A Gateway meets the requirements of the Directive (EU) 2015/2366 by providing reliable and standardized access to users’ accounts, and by guaranteeing payment security and secure execution environment. The solution helps banks to achieve compliance with the PSD2 regulatory requirements in a quick and cost-effective way, and to adapt to the new competitive environment of Open Banking. XS2A Gateway is based on the IBM API Connect platform and the National Technical Standard BISTRA (Bank Interfaces for Standardized Payments).
“BORICA’s expertise, coupled with BULPROS ‘extensive experience in the field of payment services and its capacity to simultaneously run multiple integrations with various banks, has led to a successful partnership, which will be beneficial to all payment service providers”, says Miroslav Vichev, CEO of Borika.
According to Ivaylo Slavov, CEO of BULPROS, “The dynamic technological development and its influence on all spheres, changes the customer habits and expectations. As a result, traditional business models including the bank business model are forced to undergo digital transformation. In this context, BULPROS and BORICA offer an innovative solution that not only helps financial institutions to fulfill the current PSD2 and market requirements, but also to take advantage of the new business opportunities that are offered by open banking.”