The openFinance Advisory Group & Board brings together payments industry stakeholders to guide the future strategic and business direction of the Berlin Group’s openFinance Framework.
Set up in 2004, the Berlin Group is a pan-European initiative created to standardise and harmonise payments and PSD2 compliance. It now has almost 40 financial services companies involved, spanning banks, banking associations, payments associations, national and international payments schemes and interbank processors working in SEPA.
Berlin Group openFinance adds standardised extensions beyond the regulatory PSD2 scope that enable bank customers (consumer or corporate account owners), directly or via a Third Party Provider (TPP), to access bank accounts for commercial premium services and data.
Elucidate, whose Elucidate FinCrime Index (EFI) was created to standardise financial crime risk and help banks determine risk appetite, participated in the first quarterly call of the Advisory Group in 2022.
Filipe Garcia, founder and CTO of Elucidate, said: “It’s great to be a part of the cohort of financial institutions that support and participate in the Berlin Groups efforts to standardise payments. A lack of a standardised approach to financial crime governance was the catalyst to us creating our EFI, which is now the industry’s only regulated financial crime risk benchmark.
“We participated in the Berlin Group’s first quarterly call of 2022 and were impressed with the high quality of the technical discussions and materials shared, analysing various aspects of national and EU payment standards.
“We look forward to contributing to this highly relevant initiative, in particular from the perspective of addressing financial crime risks in open banking.”
Elucidate (https://www.elucidate.co) is a financial crime risk quantification platform, regulated by the BaFin and ESMA, providing the market’s only authorised financial crime benchmark. From its base in Siliconallee, one of Berlin’s most diverse teams works with financial institutions and regulators with the goal of identifying, minimising, and pricing their financial crime risk exposure.