- Financial Services
- Success Stories
The client, a leading European bank, needed to comply with Payment Service Directives (PSD2) released by European Central Bank(ECB). The PSD2 regulatory requirement needed the bank to have transaction monitoring mechanisms and processes in place that enable them to detect and act upon fraudulent transactions.
The implementation was quite complex and time-bound. Compared to PSD1, the scope is extended to the payments in all currencies. Further, the Regulatory Technical Standards (RTS) of PSD2 apply to all electronic transactions at all times despite the instruction channel used (Online, Swift, EBICS, etc.).
Infosys embarked on this strategic initiative applying Scaled Agile Framework (SAFe) to achieve complex orchestration across multiple applications in the payments ecosystem. The various Scrum teams collaborated with client corporate banking business and technology teams to build the strategic solution. Our program successfully helped to achieve strict regulatory compliance with the aim to protect the bank from financial and reputational losses due to potentially fraudulent transactions.
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Infosys’ Strategic Approach Leveraged
Saved up to €20 million in penalties for the bank
The bank was among the few in Europe to successfully implement the PSD2 compliance in time, which was of essence
Our solution now handles more than 10 million transactions per day
PSD2 compliance for Global bank achieved without any incident
Delivered more than 35 production releases in a year