UK-based PSD2 compliance solutions provider tell.money has partnered with e-money institution Moorwand to support EMI regulatory compliance. In essence, the partnership between these two companies aims to help regulated entities achieve full compliance.

In the official press release, representatives from tell.money talked about this collaboration and brought up how EMIs can protect themselves against regulatory risks while expanding their business in the Open Banking landscape. Regulatory breaches pose serious consequences for EMIs, including investigations, stringent deadlines, fines, program shutdowns, and restrictions on new business activities. Recent cases involving regulators such as the FCA in the UK, the Central Bank of Ireland, and the Bank of Lithuania underscore the substantial non-compliance risks faced by the industry.

To fulfil the compliance requirements of the Second Payment Services Directive (PSD2) for an Open Banking 'Dedicated Interface' and mitigate non-compliance risks, Moorwand has opted to partner with tell.money. Officials from Moorwand highlighted that this strategic alliance provides clients with a robust and cost-effective compliance solution, along with necessary assurance mechanisms and regulatory reporting capabilities. Tell.gateway, which is tell.money's flagship Dedicated Interface product, allows clients to implement an end-to-end PSD2 solution rapidly.

Tell.gateway offers a range of services that are important to Moorwand's decision-making process, including: Regulatory Reporting: tell.gateway automatically generates FCA REP020 data in a pre-configured FCA-friendly format, facilitating Moorwand's fulfilment of statutory reporting obligations and maintaining compliance.  Conformance Certification: leveraging tell.money's TPP status and platform, Moorwand undergoes a thorough end-to-end audit of its Open Banking implementation. A Certificate of Conformance is then issued, validating Moorwand's client's Dedicated Interface compliance. According to the official press release, these services are important for regulated providers such as Moorwand to meet reporting requirements and assess the suitability of client implementations, mitigating the risk of fines, censure, and potential closure imposed by regulatory authorities.

The same source reveals that the partnership between tell.money and Moorwand aims to set an industry standard for EMI providers, offering a model for confidently navigating the complex landscape of regulatory compliance while providing secure and compliant payment account services to end users. What else has tell.money been up to? In September 2023, tell.money partnered with crypto banking platform Colossos to expand the latter’s Open Banking capabilities. This collaboration involved the integration of Colossos' platform with tell.money's PSD2 dedicated interface, tell.gateway.

This cloud-native API-driven service facilitates the swift integration of PSD2-compliant APIs into any account provider (ASPSP) not only in the UK but in other parts of the world as well. The partnership with Colossos enabled both business and personal users to efficiently invest in the cryptocurrency sector, eliminating the delays associated with traditional banking processes. .