The planet of the APIs is expanding as Permanent TSB becomes the latest Irish bank to empower developers.
Permanent TSB has launched a new application programming interface (API) developer portal as part of its digital transformation strategy.
The Irish bank intends to offer fintech and payment providers an easier way to integrate their digital services with the bank safely and securely.
‘The investment in the API developer portal demonstrates our ongoing commitment to providing our customers with an outstanding digital experience’
– TOM HAYES
Over the coming months, authorised third-party fintech firms and payment providers will be able to serve Permanent TSB customers.
Powering the fintech revolution
The move comes on the heels of last year’s Payment Services Directive (PSD2), which requires European banks to make customer data available in a secure manner and enable third parties to access customer accounts.
“The bank has a renewed digital transformation strategy that is designed to ultimately deliver a suite of compelling customer experiences in this era of greater consumer convenience and innovation,” explained Permanent TSB’s chief technology officer, Tom Hayes.
“The investment in the API developer portal demonstrates our ongoing commitment to providing our customers with an outstanding digital experience. We have already made significant progress in this area; for example, we are now one of the best in the market for real-time decisioning for term lending via our app – customers can get approval for a term loan in less than 15 minutes. We also have a number of new digital product and service launches in the coming months.”
Hayes said the new functionality, providing access to Permanent TSB’s suite of APIs, is a critical initial step in allowing third parties to provide digital services in a secure manner to Permanent TSB customers.
He added that this will align the bank with the European open banking ecosystem.