Equa Bank Opens Its Banking Interface To Third Parties

With the forthcoming entry into force of the PSD2 European Directive and associated requirements to open APIs to third parties, several banks have decided to open their APIs before the new payment law is introduced in the Czech Republic. One of the banks opening their API ahead of the new law is Equa Bank, who realize that this step could bring many opportunities. With the open interface, bank clients can work together with third parties to bring new services in the future and create applications not yet conceived. New mobile and web apps will make life easier for clients by simplifying the character of their financial Services.

About the bank

Equa bank achieved a historic milestone in 2016, when it recorded positive profits for the first time. The bank reinforced this positive trend in the first quarter of 2107, when it more than doubled its profit compared to the same period in the previous year. Year-on-year, client deposits increased by 10% and the number of loans approved increased by 15%. However, Equa Bank is proud of its accelerating, new client numbers, proof of a well-established direction. Compared to the previous period, total client numbers increased by 40% to 266 000, the fastest growth of all banks in the Czech Republic. This trend clearly shows how well Equa Bank is performing.

Conceptual approach to third-party access of client data

Opening banking services through API is a big and important step, and Equa Bank wants partners to understand the issue and trust the bank. The platform for open APIs is supplied by Trask and Lime provides its security. API security issues and third-party access to client data must be solved conceptually, so a new component has been created at Equa Bank – a Central Authentication and Authorization Page. This component is supplied by Lime via the PowerAuth Web Flow.

PowerAuth Web Flow allows Equa Bank customers to access a variety of applications with a single login, regardless whether they are using Equa Bank or third-party applications. To log in, clients can use either an authentication SMS or our new mobile SW token solution.

We are continuing our successful and long-term cooperation with Equa Bank and this project, already providing the security for their new mobile banking.