Please be informed that as of June 01, 2019, AS “Reģionālā investīciju banka” (hereinafter – RIB), observing PSD2 requirements, opens access to the RIB Open Banking platform for Payment Initiation and Account Information Service Providers (hereinafter – Third Parties).
What is PSD2 and RIB Open Banking?
PSD2 is EU’s Second Payment Services Directive (PSD2) that obliges banks to provide access to customer information to any accordingly licensed company at the customer’s request.
RIB Open Banking platform allows licensed Third Parties to connect to the RIB infrastructure using the application programming interface (API) and exchange information.
Thus, the Bank provides an opportunity to Third Parties to create digital solutions of the new generation in the field of finances, which enable customers to manage their accounts and make payments in an even faster, more convenient and easier manner, without the loss of strict data protection and security ensured by the Bank.
Who are Third Parties?
Third Parties are service providers (fintech companies, start-ups, developers of application programmes, etc.), which have received licences for the provision of such services.
Third Parties are licensed by state institutions that regulate and supervise the activities of payment institutions and electronic money institutions. In Latvia, this is ensured by the Financial and Capital Market Commission (FCMC). However, please note that a Third Party might be licensed in any other European Union Member State.
Which services can Third Parties provide?
RIB ensures Third Parties an opportunity to offer the following services in their solutions:
- Displaying the list of accounts*
- Displaying account balances*
- Providing account reports*
- Initiating SEPA payment
*RIB will provide information to a Third Party only on the accounts for which you have given your authorisation. When using Third Party’s service for the first time, we will ask you to specify the accounts and how often you allow the Third Party to obtain information thereon in the RIB Internet Banking system.
What does this mean for me as a customer?
Till May 05, 2019 you were able to view your account information and initiate payments via the RIB Internet Banking System only.
As of June 01, 2019, RIB ensures Third Parties an opportunity to offer you new digital solutions (for example, applications), wherein you can manage your RIB accounts and initiate payments. Practically, this means that you will have an opportunity to log in to the RIB Internet Banking system from a Third Party’s solution and receive these services in another application, rather than via the Internet Banking system.
What should be noted?
1) Third Parties will always sign an agreement with you on the use of services. Please become acquainted with the terms and conditions of the agreement!
2) You will provide and approve authorisation to view certain accounts and the frequency of viewing in the RIB Internet Banking system. Third Parties will not receive any information on other accounts, unless you choose to change that. Any changes that you wish to make must be initiated in the Third Party’s programme solution that will redirect you to the RIB Internet Banking system.
3) Payment will always have to be signed with Digipass codes. Please always check payment details before signing.
Due to the aforementioned changes, as of June 01, 2019 changes to the Terms and Conditions of Internet Banking Service came into effect. The new edition of the Terms and Condition is available here
Should any questions, problems or recommendations arise, please contact the Bank.