Scallop partners with tell.money for open banking compliance #
Blockchain-based Banking-as-a-Service (BaaS) platform, Scallop, has partnered with tell.money, a UK-based developer of open banking services for banks and other account providers, to ensure compliance with the Payment Services Directive (PSD2) open banking legislation. Scallop provides licensed financial infrastructure that allows retail and institutional investors to access digital assets through traditional banking accounts.
Meanwhile, tell.money has deployed its gateway service to enable PSD2 open banking compliance. This service is claimed to provide “security and speed” to the Scallop proposition, which will enable the firm to develop its platform without being bogged down by regulatory requirements.
In addition to the partnership with Scallop, tell.money has secured a partnership with KYP, a risk intelligence platform, to manage its merchant and third-party relationships. The combination of KYP’s Risk Intelligence Platform and tell.money’s gateway service will enable the firm to offer improved risk monitoring and assurance to its bank and fintech clients. The two companies will aim to provide open banking account providers with “robust, real-time” continuous risk monitoring of their partners and third parties.
These partnerships will benefit both Scallop and tell.money, as it will enable them to meet regulatory requirements while providing clients with more efficient and secure services. The collaboration between Scallop and tell.money is particularly significant as it signifies the growth of blockchain technology in the financial sector, particularly in the UK, where open banking is gaining traction.