APIs

PSU Identity, Historic challenges and how to solve them

PSU Identity, Historic challenges and how to solve them

The emergence of customer-facing, third-party products has stalled in the UK, with only 8 available to personal banking customers, and only two of these (MoneyBox and SafetyNetCredit/Tappily) offering distinct and valuable services. The remainder focus on the relatively mundane personal finance management category, which historically haven’t seen significant customer demand and have struggled to generate revenue. One of the enduring challenges faced by Fintechs is being forced to take risk on customer identification, as they are unable to identify those Payment Service Users (PSUs) who authenticate on banks’ platforms to authorise the flow of data. This paper examines the history, technical detail, challenges posed and solutions to this problem.