BanqUP's new TPP-as-a-service is already being implemented with over 20 partners. These are primarily entities from the financial technology industry.

It will be used by, among others, one of the leaders of the e-commerce market in Poland and British fintech.

Open banking allows companies to use banking data. But it is not available for everyone. The access has been limited to companies that have obtained AISP license from the a Financial Supervision Authority in their country or have passported it on the basis of European regulations. The TPP-as-a-service offered by banqUP allows the use of aggregated banking data to other partner companies, using the license possessed by banqUP. Thanks to this, banking data can become a new and valuable source of information about the end customer for various entities, including ones that, until now, have not been associated with banking at all.

BanqUP, using its AISP (Account Information Service Provider) license issued by the Polish Financial Supervision Authority is able, of course with the client's consent, to confirm his identity, check whether his personal data or account number in the banking system match those he provided when registering on the partner's website, make sure that the given account really belongs to the person, or whether they have the funds needed to carry out the transaction. In addition to using bank data, the service also allows partners to verify the businesses cooperating with them, answering questions related to not only with the identity of individuals, but also companies.

The new service of banqUP, a Polish-Belgian fintech, allows to provide a given partner with the minimum number of data needed to perform a given service. - We are aware that banking data is sensitive information and provides a lot of details about any entity, therefore, if possible, our system answers specific questions, and does not provide them with raw data. So we can, for example, check the name of the end customer, whether the account belongs to him or if he has sufficient funds for a given operation - explains Łukasz Chmielewski, CTO and one of the co-founders of banqUP. - Our TPP-as-a-Service, can also be used to answer more complex questions, even when assessing credit or choosing a financial product - he adds.

How does TPP-as-a-service work?

The banqUP service can be integrated with the partner's service in various ways - from API integration, where the whole process takes place on the partner's side, to redirecting the end customer to the banqUP service. In the latter variant, the end customer accesses the banqUP website, logs into his account and is informed what data will be forwarded to the partner. The customer confirms his consent to this operation. After necessary data is provided, it is removed from the banqUP system.

- Our partner's end customer has access to their information at all times and knows exactly what the company will learn about him. We guarantee data security and process transparency - says the representative of banqUP.

BanqUP's solution allows you to connect with over 70 banks in 10 European countries. - We worked on the widest possible infrastructure and we can now boast access to banking APIs operating in all dominant standards in Europe - explains Krzysztof Pulkiewicz, banqUP CEO.

The company is currently applying for a second license related to PSD2, PISP, which will allow it to carry out payments on behalf of the customer.