TPP is a new type of activity introduced to the financial sector by the European Union's PSD II directive
mBank published a press release announcing that the company obtained permission from the Polish Financial Supervision Authority to act as a Third Party Provider (TPP). This will allow the bank, together with its sister company mElements, to offer customers new solutions when it comes to payments and additional services.
TPPs are a new type of company that will appear on the financial market thanks to new regulations introduced by the PSD II directive. They will be able to connect to banking systems and therefore offer new payment methods, as well as other services that use bank account information. Data will be exchanged between companies only if the customer agrees to it.
Both new companies and existing ones, such as payment institutions and banks, will be able to become TPPs. - Thanks to the Financial Supervision Authority's decision, we are embarking on a path of open banking. We have always said that we view PSD II as an opportunity and we're glad we can start taking advantage of it - says Joanna Erdman, mBank's vice president for strategic projects.
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Meanwhile, during today's press conference about the publication of second quarter financial results, Santander announced that the bank has obtained the Financial Supervision Authority’s permission to change the company's statute in relation to PSD II. The bank's press office explained that this permission authorizes Santander to provide services as a TPP. It's likely just a matter of time before other major commercial banks on the Polish market announce similar news.