PSD2 Directive (Directive 2015/2366 / EU) is a new EU directive on payment services, which has been incorporated into Greek legislation by Law 4537/2018. The purpose of PSD2 is to enhance competitiveness, innovation and efficiency through a common legal framework for businesses and consumers, within the framework of the European Economic Area (EEA) - comprising the 28 Member States of the European Union plus Norway, Iceland and Liechtenstein outside the EEA.
Pancreta Bank S.A. is in line with the Second Payment Services Directive (PSD2) aiming to secure cheaper, safer and innovative electronic transactions for consumers.
Within this context Pancreta Bank has developed the Pancreta API Portal offering to Third Party Providers (TPPs), such as FinTech companies, application developers and startups, the ability to develop new products and services using APIs (Application Programming Interface).
The Bank innovates by expanding its digital advantage in the ever-evolving environment of fintech and digital transformation.
It provides APIs, based on PSD2 market initiatives and Open Standards (Berlin Group) that can be safely utilized by certified Third Party Providers (TPPs).
New added value applications, as well as products and services are developed through Third Party Providers (TPPs), in collaboration with the Bank.
The user experience is enhanced with secure access to banking services directly from the application used.
The term "Open Banking" refers to payment services that, according to PSD2 Directive, can be provided by Certified Third Party Providers (TPPs), e.g. other banks, payment or electronic money institutions. For the use of these services you must always state your consent.
The available Open Banking Services are:
AIS (Account Information Service). It allows Third Party Providers (TPP) to have access to information on your accounts in various banks; this service may be useful e.g. in credit rating and it gives you access to various accounts from one place.
PIS (Payment Initiation Service). It allows payments from your bank account. Upon your request the Third Party Provider (TPP) will be able to initiate a transfer order for a specific amount to a specified recipient (by no means will the TPP be a recipient of your money).
CAF (Confirmation of the Availability of Funds). It allows Third Party Providers (TPP) to check if you have a sufficient balance on your bank account to make a payment by card.
The new Digital Assistant Service (Pancreta Bot) will be available soon to all Pancreta Bank customers. Pancreta bot is one of added value services based on Open Banking APIs. Through the Pancreta Bot you will be able to get information on the Bank's available products and services -for individuals and corporate customers-. At a later stage, you will be able to use additional Banking services through well-known messaging applications, like Facebook Messenger, WhatsApp, etc. To perform transactions through the Pancreta Bot you must register in the Pancreta Online service. Relevant information will soon be available.
Regulatory Technical Standards on strong customer authentication and secure communication under PSD2
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