Turkish Bank UK Partners with Token.io for PSD2

TurkishBank UK, an in-branch and internet banking provider for retail and business customers, has partnered with Token.io Limited to provide third parties regulated, PSD2 compliant access to its UK retail and business customer accounts.

By using Token’s API platform, TurkishBank UK can now be accessed by any regulated Third Party Provider (TPP) in Europe, and can launch multi-banking services such as those that bring together accounts from multiple institutions into a single customer view. It also delivers crypto-based security and PRO, guaranteeing full compliance with the Regulatory Technical Standards (RTS) for Strong Customer Authentication (SCA) and common and secure open standards of communication.

Steven Bennett, the Chief Executive Officer of TurkishBank UK says “PSD2 has been a driver for open banking in the UK and with Token’s API we can look beyond compliance and start leveraging the opportunities it is creating. Token’s integration relieved a variety of technical pain points for us and has provided a standardised and secure way to offer even more flexibility around our customers’ banking needs and deliver new digital services. The platform is scalable and means we can expand our digital services abroad. Though domestic regulation in Turkey is lagging behind UK, open banking is gaining pace in Turkey and this presents a strong growth opportunity for the Group.”