Fiserv announced that UK-based Co-operative Bank will implement its FinKit for Open Banking, “to provide more flexibility for customers to choose how they conduct their everyday banking in relation to the European Union’s Second Payment Services Directive (PSD2)”, reports Tanya Andreasyan of Fintech Futures (Finovate’s sister publication).

The two parties have a long-standing relationship.

The cloud-based managed service delivery model of FinKit for Open Banking appealed to the bank, Fiserv explained, because it will help facilitate the many aspects of open banking compliance, from secure customer authentication to management of trusted third parties (TPPs).

FinKit for Open Banking includes access to pre-built APIs and facilitates ongoing compliance through API version control and publishing. This positions the bank to respond efficiently and effectively to the rapid pace of regulatory and industry change, the vendor explains.

FinKit originates from a UK-based mobile paytech provider, Monitise, which was acquired by Fiserv last year.

“Open banking is an area of continual change, and Co-operative Bank is positioned to move ahead of the curve,” noted Lee Cameron, managing director, EMEA, Fiserv (and formerly CEO of Monitise).

Fiserv was founded in 1984 and is headquartered in Brookfield, Wisconsin. The company most recently demonstrated its technology at FinovateSpring 2018, partnering with Samsung SDS America to show new biometric authentication features for its digital banking experience, Fiserv Commercial Center.

With more than 12,000 clients and more than 24,000 associates around the world, Fiserv trades on the NASDAQ under the ticker “FISV”. The firm has a market capitalization of $32 billion. Jeffery Yabuki is president and CEO.