Sberbank Croatia has selected the turnkey open banking platform provider Token.io to develop its open banking capabilities and achieve compliance with Europe’s revised Payment Services Directive, aka PSD2.
The bank, a subsidiary of Russia’s state-owned Sberbank will integrate the group’s TokenOS operating system for open banking into its infrastructure, which also enables it to have the system flexibility needed to develop new services, such as bank direct payments and account aggregation.
The selection extends Token’s relationship with Sberbank, which began last year when the company announced a partnership with Sberbank Slovenia.
“The development of digital technology is one of Sberbank’s key strategic objectives and our partnership with Token demonstrates that progress is well underway at Sberbank Croatia,” said Csaba Soos, Sberbank Croatia’s CEO. “By cooperating with Token, we can offer an improved user experience and a larger portfolio of value-added services for both our corporate and retail customers.”
Steve Kirsch, Token’s founder and CEO, added: “Our turnkey, cost-effective open banking solution is enabling Sberbank Croatia to comply with the PSD2 regulation while remaining focused on achieving its strategic goals and growth through innovative new services.”
Token adds that being cloud-based provides Sberbank with flexibility and scalability when initiating and managing transactions and Sberbank Croatia can be accessed by any regulated third-party processor (TPP) in Europe. The bank gains crypto-based security and programmable money technology, together with operational support, consent management, monitoring and reporting.
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Sberbank was also the biggest creditor of Croatian food group Agrokor, the largest firm in the Balkans, which was put under state-run administration two years ago after its debt load accumulated during an ambitious expansion drive.
Agrokor changed its name to Fotenova Grupa at the beginning of April and Sberbank is the new company’s biggest shareholder with a 39.2% holding. Despite reports that it has been seeking a buyer for its stake, the bank said it is committed to improving Fortenova’s performance.
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