As of June 01, 2019, AS “Reģionālā investīciju banka” (hereinafter – RIB), observing PSD2* requirements, opened access to the RIB Open Banking platform for Payment Initiation and Account Information Service Providers (hereinafter – Third Parties).
The RIB Open Banking platform can be accessed by Third Parties, which have received the following:
The platform provides Payment Initiation and Account Information Services. For more detailed information on the operation of the platform and its offered services, please see “PSD2 API Specification and User Manual”.
Should any questions, problems or recommendations arise, please contact the bank by email [email protected]
* PSD2 – EU’s Second Payment Services Directive (PSD2) that obliges banks to provide access to customer data to any accordingly licensed company. In Latvia, its provisions are integrated into the Law On Payment Services and Electronic Money.
** Third Parties are licensed by state institutions that regulate and supervise the activities of payment institutions and electronic money institutions. In Latvia, this is ensured by the Financial and Capital Market Commission (FCMC). The full list of authorities entitled to issue such licences is available here.
The EU’s Second Payment Services Directive (PSD2) obliges banks to provide access to customer data to any accordingly licensed company. Thus, banks provide an opportunity to third parties – service providers – to create digital solutions of the new generation in the field of finances, which enable customers to manage their accounts and make payments in an even faster, more convenient and easier manner, without the loss of strict data protection and security.
As of 25.02.2019, AS “Reģionālā investīciju banka”, observing PSD2 requirements, opens access to the test environment of the Open Banking platform for third parties (financial technology (fintech) companies, start-ups, application software developers).
What is RIB Open Banking?
It is a platform that ensures licensed service providers a possibility of connecting to the Bank’s infrastructure using the application programming interface (API) and creating digital solutions of the latest generation in the field of finances for their customers. Currently, the platform can be used for testing and development purposes. Only test data, which are not actual, genuine customer data, are available (no exchange of sensitive information will occur through the testing mechanism).
What can be tested on RIB Open Banking?
Using API, a functionality for testing payment initiation and account information services with test data will be available on the platform.
How can RIB Open Banking be accessed?
To get access, please send the following information to the bank by email to [email protected]:
* Number of the licence issued by a Payment Institution or an Electronic Money Institution. The list of authorities entitled to issue these licences is available here.
If obtaining of a licence is currently in progress (the relevant application was submitted to any authority from the list), please specify that.
The representative of the bank will contact you within two business days and provide necessary documentation and access rights to the test environment.
AS “Reģionālā investīciju banka” will provide support to connection and functional testing and is always open for new ideas and opportunities. Should additional questions arise, please contact the Bank by email at [email protected].
Please be informed that as of June 01, 2019, AS “Reģionālā investīciju banka” (hereinafter – RIB), observing PSD2 requirements, opens access to the RIB Open Banking platform for Payment Initiation and Account Information Service Providers (hereinafter – Third Parties).
What is PSD2 and RIB Open Banking?
PSD2 is EU’s Second Payment Services Directive (PSD2) that obliges banks to provide access to customer information to any accordingly licensed company at the customer’s request. RIB Open Banking platform allows licensed Third Parties to connect to the RIB infrastructure using the application programming interface (API) and exchange information. Thus, the bank provides an opportunity to Third Parties to create digital solutions of the new generation in the field of finances, which enable customers to manage their accounts and make payments in an even faster, more convenient and easier manner, without the loss of strict data protection and security ensured by the bank.
Who are Third Parties?
Third Parties are service providers (fintech companies, start-ups, developers of application programmes, etc.), which have received licences for the provision of such services. Third Parties are licensed by state institutions that regulate and supervise the activities of payment institutions and electronic money institutions. In Latvia, this is ensured by the Financial and Capital Market Commission (FCMC). However, please note that a Third Party might be licensed in any other European Union Member State.
Which services can Third Parties provide?
RIB ensures Third Parties an opportunity to offer the following services in their solutions:
*RIB will provide information to a Third Party only on the accounts for which you have given your authorisation. When using Third Party’s service for the first time, we will ask you to specify the accounts and how often you allow the Third Party to obtain information thereon in the RIB Internet Banking system.
What does this mean for me as a customer?
Till May 05, 2019 you were able to view your account information and initiate payments via the RIB Internet Banking System only. As of June 01, 2019, RIB ensures Third Parties an opportunity to offer you new digital solutions (for example, applications), wherein you can manage your RIB accounts and initiate payments. Practically, this means that you will have an opportunity to log in to the RIB Internet Banking system from a Third Party’s solution and receive these services in another application, rather than via the Internet Banking system.
What should be noted?
Should any questions, problems or recommendations arise, please contact the bank.