Pelican Group launches PSD2 business unit
Payment gateway provider Pelican Group has launched PelicanPay, a new unit of the London company, to focus on providing European-wide Payment Services Directive connectivity, payments and financial crime compliance services.
PelicanPay offers fintechs and third-party providers with application programming interface interoperability as they seek efficiency for PSD2-regulated payment initiation and account information services across Europe.
The U.K.'s PSD2 took effect in January, essentially opening up the country's financial industry to more technology development and interaction with third-party providers.
“Regulatory mandates for open API access are part of the wider digital transformation of payments," Parth Desai, founder and CEO of Pelican Group and Pelican Pay, said in a Friday press release. "The shift to mobile-first, customer centric digital engagement creates dynamic opportunities for both new and established financial institutions to offer exciting and engaging products."
PelicanPay addresses a key PSD2 challenge by providing a truly Pan-European API Interoperability platform, Desai added. "By launching PelicanPay, we are enabling fintechs and TPPs to reach up to 500 million customers across the continent through a single popular API,” he said.
PelicanPay’s OpenBanking Hub will enable Pan-European access to around 6,000 banks through a PelicanPay API, as well as from PelicanPay versions of other financial APIs.
The company says the platform will take care of all the technical and regulatory complexity of API connectivity — handling all API conversions and bank connectivity in the background.