Signicat Open Banking Hub is an API-driven solution that enables organizations to securely verify bank account ownership, perform affordability checks, and authenticate users using data directly from their bank accounts. It streamlines onboarding, supports regulatory compliance, and reduces fraud by automating verification processes and leveraging open banking standards across Europe.

Key Features

Bank Account Verification Digitally confirm ownership and validity of a bank account.

• Real-time verification using data from the user’s bank.
• Eliminates manual checks and penny drop methods.
• Reduces onboarding time from days to minutes.

Affordability Checks Assess a customer’s financial capability based on their transaction history.

• Enables responsible lending and risk management.
• Supports compliance with AML and creditworthiness regulations.

API Integration Access all open banking services through a single integration point.

• Unified API for multiple verification and authentication services.
• Connects to over 15,000 banks and payment providers in 22 countries.

Multiple Aggregators Broader reach and coverage via leading open banking aggregators.

• Supports cross-border onboarding and verification.
• Ensures high data quality and reliability.

PSD2 and SCA Compliance Built on European open banking regulations.

• Utilizes strong customer authentication (SCA).
• Ensures data privacy and regulatory compliance.

Benefits

Increased Operational Efficiency Automates and accelerates verification processes.

• Reduces manual workload and operational costs.
• Minimizes user friction and increases conversion rates.

Fraud Prevention and Risk Reduction Enhances security and data integrity.

• Prevents erroneous payments and invoice fraud.
• Ensures only legitimate account holders are onboarded.

Regulatory Compliance Supports AML and responsible lending requirements.

• Facilitates accurate customer due diligence.
• Helps meet industry standards for identity and account verification.

Flexible Use Cases Adapts to various business needs and sectors.

• Suitable for fintech, insurance, public sector, and more.
• Can be combined with other identity verification methods.