BULPROS, one of the fastest growing technology companies in Europe, in partnership with BORICA, a leading service provider in the financial sector, have successfully developed a standardized platform for achieving regulatory compliance with the requirements of Directive (EU) 2015/2366 (Payment Service Directive or PSD2).
PSD2 requires that all banks in the European Union give third-party payment service providers a reliable and standardized access to users' payment accounts for account information and payment initiation. The standardized platform, developed by BULPROS and BORICA, is aimed at supporting payment service providers during the PSD2 adoption and helping them fulfill the regulatory technical standards.
The innovative Access to Account Gateway service (XS2A Gateway) enables banks to provide open access to their Application Programming Interfaces (API) and sandboxes, and to comply with the PSD2 regulatory technical standards. XS2A Gateway meets the requirements of the Directive (EU) 2015/2366 by providing reliable and standardized access to users’ accounts, and by guaranteeing payment security and secure execution environment. The solution helps banks to achieve compliance with the PSD2 regulatory requirements in a quick and cost-effective way, and to adapt to the new competitive environment of Open Banking. XS2A Gateway is based on the IBM API Connect platform and the National Technical Standard BISTRA (Bank Interfaces for Standardized Payments).
“BORICA's expertise, coupled with BULPROS 'extensive experience in the field of payment services and its capacity to simultaneously run multiple integrations with various banks, has led to a successful partnership, which will be beneficial to all payment service providers", says Miroslav Vichev, CEO of Borika.
According to Ivaylo Slavov, CEO of BULPROS, “The dynamic technological development and its influence on all spheres, changes the customer habits and expectations. As a result, traditional business models including the bank business model are forced to undergo digital transformation. In this context, BULPROS and BORICA offer an innovative solution that not only helps financial institutions to fulfill the current PSD2 and market requirements, but also to take advantage of the new business opportunities that are offered by open banking."
BORICA AD is a leading service provider with over 30 years of experience in the financial service industry. One of the company’s main priorities is providing a modern card and payment environment for the financial institutions. BORICA’s portfolio is focused on innovative fintech solutions for end-customers such as electronic signature, electronic invoice, cash transfer, and mobile payment applications.
BULPROS is an innovative global IT and BPO services, solutions and products provider, repeatedly recognized as one of the fastest growing IT companies in prestigious rankings such as Deloitte’s „Technology Fast 50 in CE“ and „Technology Fast 500 in Europe, Middle East, and Africa“, Inc. 5000 Europe, Financial Times 1000 Europe, and McKinsey’s 2018 report “The rise of Digital Challengers”.
Our offerings are focused on Cloud and Support Services, Industry Digitalization, Cyber Security, Digital Workspace, Technology Services and Sales Services. We have extensive vertical expertise in the Financial and Professional Services, Telecommunications, Manufacturing, Healthcare and Retail industries.
BULPROS operates on a global scale and has more than 19 offices, located in Europe and North America. The company has a team of more than 1200 experts and consultants.
BULPROS has established successful customer and partner relations with Fortune 500 IT companies such as Cisco, Microsoft, IBM, Unisys, VMware, Siemens, T-Systems, SAP, Hortonworks, Oracle, Red Hat etc. BULPROS is a co-founder of the Bulgarian Outsourcing Association and a member of the American Chamber of Commerce, the German Outsourcing Association and the Indian-Bulgarian Business Chamber.