Fit for open banking with PSD2

Open banking is considered the next big thing in the financial world and has the potential to revolutionize the industry with new business models. A unique opportunity with great possibilities! This is also the view of SOBACO Solutions AG. Together with ubitec, SOBACO will offer its customers a gateway to the open banking universe with the ubix2b platform.

Open banking - more than just PSD2

The second Payment Services Directive, or PSD2 for short, is the new norm: since it is already a reality in countries like Germany, Liechtenstein must also implement the requirements. SOBACO Solutions AG, which primarily serves private banks with its total banking solutions, is therefore currently working intensively on this topic. As IT operator, SOBACO must offer its Liechtenstein customers a PSD2-compliant solution by 31 December 2020. Implementing all regulatory requirements in a technically correct manner is a challenge in itself. But for SOBACO it is about more than just implementing regulations: The company sees the PSD2 implementation as an opportunity to expand its offering and pave the way for open banking projects for its customers. In the future, banks should have the opportunity to work with third parties in new models or even to implement new business models through open banking. This approach will set SOBACO apart from the competition and make it all the more attractive for potential customers.

Two companies – one vision

However, as a specialized managed service provider for the financial sector, it is difficult for SOBACO to implement this plan on its own. It needs a suitable partner who not only has the technical expertise but also shares the vision of an open financial world. ubitec has long relied on open interfaces in its software development and believes, just like SOBACO, that open banking will shape the financial sector in the future and open up exciting opportunities. It’s a match! But it’s not just the common vision, but also the existing know-how that makes ubitec the perfect partner. Thanks to many years of experience with the core banking system Finnova and the holistic development and integration of software solutions, ubitec can support SOBACO in its project from start to finish. True to the company motto “create the new normal”, ubitec is also thinking ahead to the future: In the coming years, the demands made by banks on IT operators such as SOBACO will continue to increase. With ubitec as its partner, SOBACO will be able to react confidently to such demands in the future and implement them quickly and cost-effectively.

Pooling resources and using synergies

To enable its customers to enter the world of open banking, SOBACO has developed the open banking platform ubix2b together with ubitec. This platform fulfills all regulatory requirements with regard to the PSD2 directive and enables third-party providers to call up the required APIs. At the same time, the platform offers various advantages, particularly for small banks: On the one hand, it consists of reusable elements that can be adapted to specific banking requirements. For banks that use SOBACO’s operation, this means that they can meet the PSD2 requirements with little effort. This saves time and money. On the other hand, the platform is structured in such a way that both internal and external systems can be easily connected. Thanks to ubix2b, SOBACO and its customers are thus not only prepared for new regulations but also for new business models. And with ubitec at their side, there are virtually no limits to future open banking projects.

Innovative outsourcing for financial service providers

Since 1984 and with 100 experts, Zurich-based SOBACO has been providing modular banking and IT outsourcing services for small to medium-sized banks, asset managers and financial service providers. The group of companies with a banking license not only guarantees the stable operation of the solution platforms used, but is also a leading partner for forward-looking IT solutions for banks and fintech companies.