Bank of America Merrill Lynch is preparing for the Payment Services Directive 2 (PSD2) by launching an application programming interface (API) gateway.
Its new API gateway will facilitate connectivity into existing treasury management, enterprise resource planning (ERP) and other third-party services for its corporate clients.
The banks said it is building on the successful launch of its API-enabled CashPro Assistant, with BofA Merrill’s new API gateway enabling clients to easily and quickly access their banking information and initiate transactions on a real-time basis. Its API structure will support three access models: direct client connections, ERP and TMS vendors, and third-party providers (such as FinTech companies).
“We want to embrace the innovation opportunities presented by APIs and work with industry providers to give our clients an expanded, secure experience that helps them grow and prosper,’ said Faiz Ahmad, head of Global Transaction Services (GTS) at BofA Merrill. ‘As the pace of technological change accelerates, expectations accelerate in tandem. Clearing systems, regulatory mandates and banking channels are evolving to support real-time interactions with unbundled banking services. Our clients will expect to integrate these directly into their business processes and applications. The experience will be easy, more secure and seamless to end users.’
The bank said the launch demonstrates its commitment to being a digital bank that is fully prepared for the Payment Services Directive 2 (PSD2). It is also an important step towards building new data connections with clients and third parties.
Last year, the Open Banking Implementation Entity (OBIE) expanded its functionality to cover all PSD2 products. Last year, The Bank of Cyprus integrated VASCO Data Security International’s DIGIPASS for Apps in order meet PSD2 requirements. While, London-based Fiorano Software launched a new platform solution to help banks to comply with the European Union’s Revised Payment Service Directive (PSD2) regulations.
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