tell.money and Pockit prove the point on economic solutions for PSD2 compliance
tell.money, the fintech solution that delivers innovative and rapidly deployable open banking services for banks and other account providers, was selected by Pockit, the easy prepaid card and account platform, in 2021, to provide the open banking functionality for their proposition.
Twelve months from the integration their analysis shows the short implementation time did not compromise the integrity of the embedded proposition, as there have been neither outages nor system failures. The underlying objective of rapid compliant onboarding of clients has absolutely been delivered.
A key stated requirement by Pockit was to ensure that the cost of the service did not drive up the price point for its own clients. By launching through the tell.money Community Tier, the costs at launch proved to be minimal, such that Pockit were able to address the need to comply with the PSD2 directive with minimal investment, and maximum speed.
Virraj Jatania, Pockit’s CEO explained, “Using the tell.money infrastructure we have been able to position Pockit as best in class, with market advantage over many of our competitors. The underlying platform has proven to be both economic and effective, giving us everything that we need and increasing the value of our offering to our end users.”
tell.money founder and CEO, David Monty commented, “Adherence to PSD2 proves to be a challenge for many fintechs. We were very clear on what Pockit needed and were focused on delivering it. The importance of doing a review of the benefits at the 12 months stage though cannot be overstated. Only by doing so are we able to ensure that we are creating the right solutions for clients on an ongoing basis which is imperative in terms of ongoing relationships. It’s rewarding to see that, working with Pockit we have been able to demonstrate that PSD2 need not be the blocker to compliant growth that many fear, and we look forward to working with new clients in a similar way now that we have been able to prove the point.”