InfoCert&Banfico: a trusted partnership for Open Banking
Video-identification and Qualified Electronic Signature to get PSD2 certificates.
Banfico: a niche open banking solution provider
Banfico is a niche solution provider in Open Banking or PSD2, where strong emphasis is based on identity, authentication & consent. Banfico’s core team consists of IAM experts who have worked with major UK banks within Open Banking programmes. They are involved in various Identity & Security working groups in Open Banking and also an advisor to Berlin Group. Banfico is engaged in digital transformation program within banks and supporting FinTechs developing products in Open Banking domain.
Looking for more secure solutions
Banfico wanted to bring enhanced security solutions to its Open Banking Directory product, already a trusted solution used by some of the biggest financial institutions in Europe for validating open banking certificates and conducting real-time checks of Third Party Provider (TPP) regulatory status.
Specifically, the challenge was giving the possibility to its final clients to order Open Banking certificates such as PSD2, QWAC and QSEAL, both for test and production, through the Open Banking Directory
A trusted partnership to boost digitalization
To meet these needs, InfoCert provided the customer with PSD2 certificates, issued at request. In order to do that, InfoCert needed to receive the appropriate request forms signed with a Qualified Electronic Signature by a legal representative of the final customer, in order to start the vetting process and all the other activities needed to issue the PSD2 certificates.
Video identification for an easy and fast signing process
To allow everyone to sign with Qualified Electronic Signature, InfoCert supported Banfico to integrate the InfoCert solution TOP (Top Onboarding Platform) for the functionalities of video identification, provided by InfoCert operators in English language together with one-shot Qualified Certificate issuing and signing.
This partnership will allow both banks and TPPs to request and manage their open banking certificates (be it QWAC/QSealC or OBWAC/OBSealC) through the Open Banking Directory while ensuring regulatory compliance and secure data transmission during financial transactions across Europe. InfoCert’s expertise and experience in security and trust services make it an ideal partner for Banfico to expand its services and reach new markets.
“InfoCert has a proven track record on security and trust services, along with Banfico technology, we can further enhance our offering across the world “ declared Kannan Rasappan, Banfico CEO.
This strategic partnership between Banfico and InfoCert is expected to revolutionize the Open Banking ecosystem by providing a secure and efficient solution to manage open banking certificates and regulatory compliance.
