Bank für Sozialwirtschaft chooses the PSD2 software from NDGIT.
Cologne/Munich, 29 March 2018
The Bank für Sozialwirtschaft (BFS) and the FinTech NDGIT have entered into a strategic partnership to implement the BFS digital banking strategy. The basis of this cooperation is the NDGIT Open Banking Platform which the BFS will use to implement the revised Payment Services Directive (PSD2) according to the Berlin Group standard, in order to realise future networking with digital partners and to offer its customers new, attractive FinTech services.
The Bank für Sozialwirtschaft, which is the primary donation bank in Germany and the only universal bank exclusively for institutional customers from the health and social sector, will use the open banking platform from Munich-based FinTech NDGIT to position itself for digitisation and to proactively implement the PSD2. It is one of the first banks in Germany to introduce open banking to support partners with new services, allowing it to efficiently serve all digital channels from a single source. As a result, the BFS can also offer additional innovative FinTech services on its digital customer interfaces, thus expanding its service and product portfolio for its own customers.
“We are implementing our digital banking strategy with NDGIT. The platform also serves as the microservice layer from which we can orchestrate our digital channels”, explained Pascal Schüller, Business Architect at Bank für Sozialwirtschaft AG, discussing the objective of the cooperation.
In the first step, the BFS will implement the PSD2 specifications according to the Berlin Group standard simply and efficiently using the NDGIT PSD2 software. The implementation of regulatory requirements will be simplified and accelerated primarily because the NDGIT PSD2 software has already been predeveloped: ranging from the integration of all necessary APIs and the secure connection of AISP and PISP third-party partners to automated reports. The API platform enables the efficient opening of the SAP core banking system in order to centrally connect all digital channels – from e-banking and convenient REST interfaces for third-party partners to internal consulting applications. In order to integrate further innovative functions quickly and easily into new customer applications in the future, the Bank für Sozialwirtschaft is using a marketplace for FinTech services which forms part of the NDGIT platform.
“NDGIT’s PSD2 software enables us to implement the regulatory requirements very efficiently. The decisive factor for our partnership with NDGIT is the mature API platform which is already being used successfully in European banking”, explains Pascal Schüller. “In particular, the integration of various APIs in the existing platform – for example for video legitimisation – convinced us that we would have the flexibility we need for future developments with NDGIT”.
“We are very pleased that we have gained another bank, the Bank für Sozialwirtschaft, for our API platform.” Oliver Dlugosch, CEO of NDGIT GmbH, describes the successful partnership with the Bank für Sozialwirtschaft from his point of view: “The main focus is on actively implementing the PSD2 and setting up Open Banking for the digital challenges of a networked bank.”
About NDGIT GmbH
NDGIT GmbH stands for Next Digital Banking and provides the first API platform for banking and insurance. It connects banks and FinTech companies with digital ecosystems. This technology enables banks to open themselves up to digital partners with open banking APIs and PSD2 solutions. In this way, the NDGIT FinTech platform forms the technological backbone for new applications and IT landscapes in banking and insurance.
In 2017 NDGIT implemented the first open banking system for Switzerland and was honoured with the Euro Finance Tech Award 2017 for the best co-operation between a bank and FinTech.
About Bank für Sozialwirtschaft
Bank für Sozialwirtschaft AG offers companies and organisations in the areas of care for the elderly, healthcare, services for the disabled, etc. the complete range of services of a universal bank. Its services are tailored for the target group; for example, as a “donation bank”, it is the first point of contact for donation organisations. Its consulting services, e.g. for investments in social real estate, combine banking and socio-economic expertise.
Further information: www.sozialbank.de
