Digital power of attorney as complement to PSD2

Reference number 2017-00416
Coordinator SVENSKA FÖRSÄKRINGSFABRIKEN I UMEÅ AB
Funding from Vinnova SEK 569 907
Project duration March 2017 - December 2017
Status Completed
Venture Innovationsprojekt i företag 2017
Call Innovationsprojekt i företag - vår 2017

Purpose and goal

The aim of the project, to meet the new PSD2 rules and create and introduce a prototype for digital bank power of authorities to create smoother flow of information and increased security for all parties involved in the financial landscape, has been reached.

Expected results and effects

A prototype for a digital bank power of authority has been developed, where its performance is based on user friendliness, security and technical functionality and also based on feedback from the market needs and legal requirements. Furthermore, this project has shown how an industry-wide banking power of authorities service can help banks and other financial institutions to comply with the new PSD2 regulatory framework.

Planned approach and implementation

A prototype for a digital bank power of authority has been developed, where its performance is based on user friendliness, security and technical functionality and also based on feedback from the market needs and legal requirements. Furthermore, this project has shown how an industry-wide banking power of authorities service can help banks and other financial institutions to comply with the new PSD2 regulatory framework.

The project description has been provided by the project members themselves and the text has not been looked at by our editors.