Digital power of attorney as complement to PSD2
| Reference number | |
| Coordinator | SVENSKA FÖRSÄKRINGSFABRIKEN I UMEÅ AB |
| Funding from Vinnova | SEK 569 907 |
| Project duration | March 2017 - December 2017 |
| Status | Completed |
Important results from the project
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 long term 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.
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.