We’re pleased to announce that the FCA has approved our application to become a registered account information service provider (RAISP) from July 2019, under the Payment Services Regulations 2017 (PSRs).
HubSolv Ltd has been granted authorisation to provide Account Information Services (AIS).
We are delighted to be grated registration as a RAISP. Security of data has always been a priority for us, and this outcome is evidence of our security controls and procedures to protect clients’ data.
Offering AIS with Open Banking
What this latest development means for our users, is that HubSolv is able to use Open Banking to enhance some of our services. We were offering Open Banking capabilities via a third party, but we always strived to achieve better implementation.
As an authorised provider for AIS with Open Banking, we are able to integrate directly with the banks’ API in order to provide a more secure and reliable service. Next, we will be looking at building our own categorisation engine to further improve understanding and analysis of individuals’ affordability.
Integrating Open Banking technology within our system means that consumers can share their data in a completely secure manner, and we can populate accurate financial data instantly, in full compliance with the Standard Financial Statement.
These are exciting times for HubSolv. Open Banking will revolutionise the insolvency, lending and general financial services industry. The possibilities are endless, and we aim to be at the forefront of the revolution. We look forward to implementing this technology further for our customers. Watch this space for further news!
The Second Payment Service Directive (PSD2) is the over-arching regulation underpinning the Open Banking scheme. Details for HubSolv’s registration can be found on the Financial Services register.