Banfico and adorsys announce reseller partnership streamlining Open Banking compliance by interconnecting products and integration
May 2022 – Banfico, a niche Open Banking technology solution provider to banks and fintechs, and adorsys, a financial ecosystem integrator, are pleased to announce a value-added reseller agreement between the two companies.
With more than 15 years’ experience supporting banks, insurance companies and TPPs to embark on digital transformation projects, adorsys has built up a vast network to key industry players.
Founded in 2017, Banfico has also successfully delivered Open Banking solutions in the UK, Europe, and Brazil. The new collaboration provides access to a larger untapped audience for both industry experts.
As growth levers for driving revenue, Banfico will engage adorsys to increase brand awareness and to expand even further into the European market. Likewise, adorsys wants to boost their position as integration and technology partner, offering the whole spectrum in the financial ecosystem, from professional support as well as software support. By diversifying their product portfolio to include Banfico, adorsys will meet increased customer needs. As it goes without saying, customers want to find the best value, this new partnership allows adorsys to offer an already vetted solution and to focus on centralized and time-saving integration on the customer side.
Looking after the distribution and integration, adorsys will act as an authorized reseller of the Banfico’s products OB Directory and Open Banking Dedicated API to its existing customer base and to acquire new customers.
The Banfico OB Directory is a complete TPP checking service for UK and Europe. It validates the authorization status of TPPs that request access to customer accounts through the use of eIDAS and OBIE certificates and performs a real-time check on the National Competent Authority (NCA) register.
Their Open Banking Dedicated API is a scalable enterprise solution with a particular focus on customer identity, authentication and security. Financial Grade API (FAPI) compliant and built to regulatory technical standards, it provides access to bank accounts and making payments.
Being proactive and responsive to customers’ needs remains at the forefront of the strategic partnership between the two companies.
Banfico will provide adorsys with dedicated support and product training over the next couple of weeks as well as all the tools they need to be successful in selling their products, including ongoing training to product improvements.
Open banking is changing the way people use banking services. Europe prides itself on being the cradle of the open banking revolution, with PSD2 being one of the first regulatory initiatives to open up account data and enforcing secure communication between all parties involved to ensure authenticity and integrity of the data. There are 31 National Competent Authorities (NCAs) of the European Economic Area, responsible for regulating the financial conduct of Payment Service Providers (PSPs) established within their home Member State. There is currently a big demand in the market for a simple and cost-effective solution to check TPP authorizations.
“As the challenges by banks and TPPs to update their legacy systems continue to evolve, and our customers turn to us as a trusted IT consultancy and integration partner, we believe that offering best-in-class open banking technology solutions is essential,” said Andrew J Zeller, CEO at adorsys.
“There is great synergy between Banfico’s capabilities and adorsys’ value propositions. Partnering with Banfico will enable both companies to leverage each other’s strengths to offer high-quality solutions that pave the way to scalability and automation.”
“We are thrilled to work with a partner who is dedicated to serving the compliance and regulatory needs of the financial industry and strongly embodies what it means to put the voice of their customers first,” says Banfico CEO Kannan Rasappan. “adorsys has been working steadily over the past decade to support their clients in creating new digital services through open banking, and thanks to this partnership, we both can prepare for the next level of growth.”
adorsys supports banks, insurance companies, financial service providers and FinTechs in creating new digital services in the open finance sector. With outstanding technology know-how, adorsys covers the entire innovation lifecycle and digital transformation process to enable fast time-to-market and compliance for their customers. Their state-of-the art modular, adjustable and secure architectures, based on API and cloud technology, improve customer experience and maximize new areas of growth.
About Banfico Ltd.:
Banfico is a niche solution provider in Open Banking or PSD2, where strong emphasis is based on identity, authentication & consent. Banfico’s core team consists of IAM experts who have worked with major UK banks within Open Banking programmes. They are involved in various Identity & Security working groups in Open Banking and also an advisor to Berlin Group. Banfico is engaged in digital transformation program within banks and supporting fintechs developing products in Open Banking domain.