# Financial Institutions Get Fit for Open Banking with Fiserv
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-04-26
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: FinKit for Open Banking: Compliance and Opportunities
Meta Description: Fiserv introduces FinKit™ for Open Banking to assist banks in complying with PSD2 and OBIE regulations and maximising open banking opportunities.
URL: https://financedigest.com/financial-institutions-get-fit-for-open-banking-with-fiservhtml

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_FinKit for Open Banking helps banks remain compliant and capitalize on new opportunity_

[Fiserv, Inc.](http://www.fiserv.com) (NASDAQ: FISV), a leading global provider of financial services technology, has launched FinKit™ for Open Banking to help financial institutions meet and keep pace with rapidly unfolding regulations.

The move toward open banking, driven by the European Union’s [Second Payment Services Directive (PSD2)](https://ec.europa.eu/info/business-economy-euro/banking-and-finance/consumer-finance-and-payments/payment-services/payment-services_en#eu-rules-on-payment-services) and the United Kingdom’s [Open Banking Implementation Entity (OBIE)](https://www.openbanking.org.uk/), will transform financial services. As a result of these regulations consumers will be able to access financial information and initiate certain transactions previously only available through financial institutions through other parties they trust and interact with regularly.

FinKit for Open Banking is designed to enable immediate and long-term compliance with these regulations and put in place the capabilities required for banks to maximize the opportunity of open banking.

“Though PSD2 and [Open Banking](https://www.financedigest.com/why-open-banking-is-safe.html "WHY OPEN BANKING IS SAFE?") are chiefly viewed as regulatory requirements, they represent a significant opportunity for banks to partner with trusted third-party providers to integrate financial services into their customers’ everyday lives, while also driving more innovation inside the banks,” said Ken Paterson, vice president, Special Projects, Mercator. “Sound strategic choices taken while these regulations are in their infancy will allow institutions to [manage their resources to ensure compliance](https://www.financedigest.com/fintech-and-compliance-managing-the-eternal-balancing-act.html "Fintech and compliance: Managing the eternal balancing act") today, and to focus on innovation and competitiveness long-term.”

FinKit for Open Banking is a complete, fully [managed service](https://www.financedigest.com/cyclic-innovation-to-drive-the-medical-case-management-services-market.html "Cyclic innovation to drive the Medical Case Management Services Market") to run, monitor and support the application programming interfaces (APIs) needed to share information with trusted third-party providers (TPPs), while also facilitating business services and enabling developers. The solution includes access to pre-built PSD2 and [Open Banking](https://www.financedigest.com/the-future-of-financial-services-how-apis-are-fuelling-the-rapid-rise-of-open-banking.html "The future of financial services – how APIs are fuelling the rapid rise of Open Banking") APIs and facilitates ongoing compliance through API version control, release management and distribution.

A white label developer portal [enables banks](https://www.financedigest.com/enabling-decision-making-success-in-the-banking-industry-3-considerations.html "Enabling decision-making success in the banking industry – 3 considerations") to engage TPPs. [Financial institutions](https://www.financedigest.com/how-can-financial-institutions-make-the-most-of-data-for-their-business.html "HOW CAN FINANCIAL INSTITUTIONS MAKE THE MOST OF DATA FOR THEIR BUSINESS?  ") also have the option to utilize FinKit for Open Banking to authenticate TPPs and gain required consumer consent for information sharing.

Fiserv representatives are actively engaged in [key European](https://www.financedigest.com/white-bullets-collaboration-with-polands-sygnal-association-significantly-reduces-ad-funded-piracy-in-key-european-market.html "White Bullet’s collaboration with Poland’s Sygnał Association significantly reduces ad-funded piracy in key European market") and UK Open Banking working groups, giving the company essential insight and input into the shifting regulatory landscape.

“The costliest mistake financial institutions can make in the move to [open banking](https://www.financedigest.com/open-finance-and-smart-ecosystems-wont-wait-for-banks.html "Open Finance and Smart Ecosystems Won’t Wait for Banks") is to focus only on the immediate fix,” said Lee Cameron, senior vice president, FinKit, Digital Banking, Fiserv. “This transformation will extend well beyond the current race to comply. We’ve had the advantage of seeing initial efforts play out in the marketplace and have applied the [insights gained to our technology to help organizations](https://www.financedigest.com/organic-fertilizer-market-where-should-participant-focus-to-gain-maximum-roi-exclusive-report-by-future-market-insights.html "Organic Fertilizer Market | Where Should Participant Focus To Gain Maximum ROI | Exclusive Report By Future Market Insights") become compliant, stay compliant and maximize the opportunities ahead.”

In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the [way people live and work today](https://www.financedigest.com/4-ways-todays-investor-can-future-proof-their-assets.html "4 Ways Today’s Investor Can Future Proof their Assets") – financial services at the speed of life. Learn more at [fiserv.com](http://www.fiserv.com/).


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