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Enfuce takes action to enable payment account transparency for non-compliant banks and fintechs

Denise Johansson

Co-Founder & Co-CEO

Enfuce takes action to enable PSD2 compliance for banks and fintechs after the European Banking Authority (EBA) called on national supervisory authorities to take measures against banks limiting access to payment accounts for third parties. EBA expects national supervisory authorities to assess their local banks’ progress in accessible PSD2 interfaces, take supervisory actions by April 2021, and address obstacles remaining after this deadline with sanctions.

“We have hoped for a fully PSD2 compliant Europe since late 2019 so we are happy to see that the EBA has taken a stronger stance on the topic. With our compliance service, I am confident we can help the non-compliant banks and fintechs around Europe”

Denise Johansson, COO and Co-Founder at Enfuce.

PSD2 was put into full effect in 2019 to make internet payment services safer and easier to use, better protect consumers against fraud, abuse and payment problems, and strengthen consumer rights. Banks that do not have the PSD2 compliant APIs available and accessible without unnecessary obstacles prevent third-party providers from accessing payment account details, and thus offering services on top of PSD2 data. This means that there are limited enablers for new innovative services, aiming to make payments flexible, safer and easier. 

There are two reasons why banks have not become fully PSD2 compliant or offered third-party open banking service providers reliable and obstacle-free APIs. Firstly, they need to offer them for free. Secondly, it is technologically challenging and expensive to develop and maintain the APIs. Enfuce sees this point of view and is willing to help non-compliant banks and fintechs on this matter.

“We understand building the processes around PSD2 can be a burden for European banks, and that is why we focused on finding a solution to enable the industry to move towards this change,” says Johansson. 

Enfuce has been accredited as an authorized payment institution, fulfilling the regulatory compliance requirements and accesses banks only through PSD2 interfaces. For example, the high level of compliance and security of our open banking compliance service enabled OP to get an exemption by the Finnish Financial Supervisory Authority from setting a fallback mechanism.

For further information, contact: 

Denise Johansson, tel. +358 40 079 4121, email at

About Enfuce

Enfuce offers payment, open banking and sustainability services to banks, fintechs, financial operators, and merchants. By combining industry expertise, innovative technology and compliance, Enfuce delivers long-term and scalable solutions quickly and securely. Founded in Finland, Enfuce recently expanded its geographic presence in Germany, Latvia, Sweden, and the UK and has over 16 million active card users on their platform from whom Enfuce processes close to €1 billion transactions annually.

Enfuce has raised multiple rounds of venture capital funding and has been recognised by e.g. TheFinTech50, Visa Fintech Fast Track programme, Mastercard Lighthouse Development Programme, Deloitte Technology Fast 50, and as winner of the 2019 PayTech Award for “Best Payments solution for Payment Systems in the Cloud”.


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