Blockchain-based BaaS provider Scallop partners tell.money for open banking compliance
Blockchain-based Banking-as-a-Service (BaaS) platform Scallop has partnered with tell.money, a UK-based developer of open banking services for banks and other account providers, as it looks to ensure compliance with PSD2 open banking legislation.
Tell.money CEO David Monty
Scallop offers licenced financial infrastructure that enables retail and institutional investors to access digital assets through traditional banking accounts.
To enable PSD2 open banking compliance, tell.money has deployed its gateway service, which it claims provides “security and speed” to the Scallop proposition.
Scallop CEO Raj Bagadi says tell.money’s open banking tech means Scallop can develop its platform “without being bogged down by regulatory requirements”.
Meanwhile, tell.money has also secured a partnership with KYP, a risk intelligence platform, to manage its merchant and third-party relationships.
KYP and tell.money will aim to provide open banking account providers with “robust, real-time” continuous risk monitoring of their partners and third parties.
Tell.money CEO and founder David Monty says the combination of KYP’s Risk Intelligence Platform and tell.money’s gateway service will enable the firm to offer improved risk monitoring and assurance to its bank and fintech clients.
