Global fintech provider Avaloq has launched a dedicated solution to help financial institutions become fully compliant with Payment Services Directive II (PSD2) which regulates payment services and payment service providers throughout Europe.

Financial services firms operating in Europe have until September 2019 to become fully compliant with the regulation, which requires banks and wealth managers to adapt their digital infrastructure and capabilities to allow third-party businesses to access permitted customer data, offer personalised services and become part of the customer’s financial ‘ecosystem', Avaloq explained.