Success Story

PSD2 readiness as a catalyst for Open Banking

Customer
Sparda Banken /
Sopra Financial Technology GmbH

Industry
Finance / Banking

Size
Approx. 300 employees

Market activity
Throughout Germany

The challenge

Originally founded as Sparda Datenverarbeitung eG (SDV-IT) back in 1983, Sopra Financial Technology GmbH has acted as the central IT service provider for Sparda banks ever since. August 2019 saw the merger of SDV-IT with Sopra Financial Technology GmbH and the company continues to serve its client base as such.

Payment Service Directive 2 (PSD2) mandates that banks must provide an open banking API so third-party providers (TPPs) can access bank accounts should the account holder wish them to do so.  Open banking APIs include sensitive functionalities such as making payments, account statements and credit checks.

The first milestone of the project at Sopra was creating a sandbox test environment and delivering relevant technical documentation for the interface by 14 March 2019.

In February 2019, Sopra FT agreed that adorsys should undertake the technical analysis and implementation of the regulatory sandbox test environment and complete the subsequent productive implementation of the XS2A interface by 14 September 2019.

“It’s been a fantastic feel-good success. The professional team at adorsys was key to meeting our PSD2 / XS2A requirements on time and their high level of commitment has meant that we could rise to the challenge together to deliver the project!””

Klaus Hartenstein, Sopra Financial Technology GmbH

The solution

Using a combination of our proprietary PSD2 open source solutions, our experience in delivering successful implementations and our active membership of the Berlin Group Advisory Boards and the NextGenPSD2 implementation support programme (NISP), we were able to work with experts at Sopra FT to deploy the required functionalities in Sopra FT’s systems within the short timeframe as stipulated by BaFin.

Using the adorsys Open Source X2SA Core we achieved PSD2 compliance by providing payment initiation services (PIS), account information services (AIS) and confirmation on the availability of funds (PIIS). In cooperation with PSD2 accelerator (static sandbox) a test environment was provided to third-party providers (TPP).

Technologies in use

  • adorsys Open Source XS2A Core
  • adorsys Open Source PSD2 Accelerator (static sandbox)
  • Customer-specific XS2A Connector to integrate into the core banking system
  • Deployment: on premise
  • Our team: 6 developers, 1 business analyst, 1 agile coach

The benefits

  • Transfer of knowledge in the context of PSD2/Berlin Group APIs
  • Compliance with regulatory PSD2 requirements
  • Fast and cost-effective implementation thanks to open source adorsys components 
  • Continuous improvements delivered by the adorsys open source community