The final rules of the EU’s Revised Payment Service Directive (PSD2) snap into action in September. Now Kaleyra, an in-mobile messaging service for banks and companies, and Epiphany, a RegTech startup specializing in PSD2 compliance have joined forces to ensure financial services businesses can comply with the changes.
However, the two will do more than just ensure businesses and banks are ready for the September 14 deadline. Paolo Spadafora, founder and CEO of Epiphany, argued the partnership will also benefit banks by giving them access to other key modernization tools, including InstaPay and account aggregation.
The idea is that this will mean that Kaleyra and Epiphany will be able to provide their services beyond the implementation of PSD2.
This is not Epiphany’s first partnership. Back in March 2019, RegTech Analyst reported how it was among the companies that had joined forces with Konsentus, the identity and regulatory checking service provider.
Epiphany was among seven companies that would use Konsentus’ TPP Identity & Regulatory checking platform to ensure they met the target of PSD2.
At the time of the deal, Brendan Jones, chief commercial officer at Konsentus, said, “With a live production environment, as well as sandbox and swagger documentation, we have everything in place to quickly support Financial Institutions as they look to comply with PSD2 open banking requirements.”
These partnership comes as the PSD2 clock is ticking. Although, Tink, the API developer, expressed concerns in July that few would be ready for the September deadline. The worries came after it had found that every bank API it had checked so far had failed to comply with the standard set out by the new European regulations.
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