On Sept 14, Luminor launched its Open Banking solution
On September 14, Luminor took the first step in its Open Banking strategy aiming to open financial services market to developers.
On September 14, Luminor took the initial step to the future banking by opening up to other licensed companies through launching the Fallback solution. That day was the deadline by PSD2 regulation that aims to open up financial services to independent developers and increase the pace of innovation in the industry.
From now on, other payment service providers (e.g. banks, registered and/or licensed institutions) can integrate into their mobile or web applications the functionality of getting account statements on behalf of Luminor customers and initiating payments on behalf of Luminor customers.
Once made technically available, using the solutions is voluntary for the customers. The customer itself needs to initiate the process in the channel of the other payment service provider by using services of such payment service provider and authorizing the respective transactions.
If a client is not using the possibility, Luminor can´t and won’t share information about this client with other payment service providers.
In cases, our customer decides to use an application developed by other service provider and authorizes the relevant transaction (getting account statement or initiating a payment), Luminor will transfer respective data to that service provider who is data processor in their own right in the context of GDPR.
Luminor cannot limit rights of other payment service providers therefore only customer can terminate the relevant service via the relevant payment service provider.
“One of the cornerstones of Luminor strategy is becoming the “integrator” of financial and non-financial service ecosystem with the purpose of creating a competitive offering to our clients. We believe that through partnerships and Open Banking APIs we can add significant value to our customers. Now we are taking a first step towards this by launching a set of APIs, the Fallback solution that will allow developers to build innovative solutions using Account Information and Payment Initiation Fallback APIs,” says Jevgenijs Kazanins, Head of Daily Banking in Luminor.
“As the next step, we plan to launch a set of full-fledged APIs that are based on Berlin Group Standards, a set of standards agreed by financial institutions across Europe. The full-fledged APIs will provide even more opportunities for developers to extend Luminor services and will considerably improve the stability of the service.”
In order to learn more about Luminor Fallback solution and upcoming APIs, developers are welcome to visit Luminor Developers´ Portal: developer.luminoropenbanking.com.
In the portal, we are offering Sandbox solution: giving possibility to get to know the technical conditions of the upcoming API-s, as well as provide detailed information on how to use the Fallback solution.