Enterprise Engineering, Inc. Rolls Out Suite of Products For Data Sharing and PSD2

New York, New York, UNITED STATES

NEW YORK, July 25, 2017 (GLOBE NEWSWIRE) -- Enterprise Engineering, Inc. (EEI), an industry leader and trusted advisor to the financial industry, today announced unique, patent pending, Data Sharing and Exchange Software (DeX™).

DeX™ represents a new and innovative approach to Open Banking by enabling the standardization of financial data sharing among Financial Institutions, third party providers, aggregators, SMB’s, consumers, and FinTech companies. DeX™ eliminates the need for one-off data sharing agreements between banks and FinTech providers creating a scalable, reliable, and affordable long-term solution.

First and foremost, DeX™ benefits Financial Institutions and their account holders (predominantly consumers and SMB’s) by improving efficiency, control, and data accuracy. For the FinTech ecosystem, DeX™ provides uniform, standardized, user-authorized access for “bank approved” FinTech Applications.

EEI also released out-of-the-box support for the European Union’s Revised Payment Services Directive (PSD2). This offering facilitates mandated PSD2 support for banks, payment services providers, and other FinTech enablers by delivering unparalleled time-to-market and ROI, accelerating open banking and streamlining digital payments innovation. PSD2 support is provided by a “deployment-ready” module for EEI’s award-winning Commander™ product.

Both software products (DeX™ and the PSD2 module) are designed to protect account holders and Financial Institutions while delivering value to all participants in the FinTech ecosystem.

EEI’s DeX™ will:

  • Equip Financial Institutions with a single, enterprise platform to securely authorize the sharing of financial data, addressing the requirements of Open Banking
  • Enable Financial Institutions to “go digital” - a customer-centric approach for Financial Institutions to meet evolving customer expectations and increase customer loyalty
  • Facilitate new revenue streams for Financial Institutions by monetizing API usage with third party providers and effectively consolidating customer data
  • Give banking customers transparency and control of their data, including who can see their data, how it is provided and what data can be shared
  • Provide third party vendors and channels (e.g. Intuit Mint, QuickBooks™ and TurboTax®, Xero™ and hundreds of others) access to customer financial data in a controlled and secure way
  • Reduce traffic to bank websites and the corresponding load on core systems thereby reducing costs
  • Enable banks and consumers to experience timely, consistent and complete transfer of data using standardized connectivity
  • Increase innovation, adoption, scale and user experience while reducing complexity and cost

“For Financial Institutions, it is no longer a question of do we need to share data but how do we securely share data, add value, and protect the franchise?” said EEI’s CEO and Founder, George Anderson. “By combining deep data and industry knowledge with its premier software products, EEI has uniquely positioned itself as the Financial Industry’s Data Integration Platform.”

David S. Bauer, Managing Partner, Sand Hill East LLC, stated, "EEI’s DeX™ provides a much needed, standard, high quality capability for Financial Institutions of all sizes to provide secure, authorized access to account data for consumer applications and aggregators. EEI’s track record of supplying data distribution software to the world’s largest financial institutions make them the go-to provider for this kind of service.” 

EEI’s DeX™ addresses evolving customer demands, increasing competition among Financial Institutions and FinTech companies, innovation in banking technology and the regulatory initiatives targeting consumer transparency and security. Financial Institutions mandated to embrace Open Banking and those who want a head start on a modernized approach to Open Banking, will benefit from using EEI’s Data Sharing and Exchange Software.

About Enterprise Engineering, Inc. (EEI)

EEI has been a trusted advisor to the Financial Services industry since 1995. We work with Financial Institutions (FI’s) and developers to securely and reliably connect people to their money through any-and-all delivery channels. Our software products facilitate data access, aggregation and transaction processing and, are used by many of the world’s largest FI's. EEI has garnered many awards since inception. Most recently, we received Data Aggregation - Firm of the Year – USA, Finance Monthly - Fintech Awards Edition, 2017; CEO Award, Finance Monthly, 2017; 20 Most Promising Financial Services Technology Solution Providers, CIO Review, 2017; 50 Fastest Growing Companies Of The Year, The Silicon Review, 2017; Top 10 Finance Technology Solution Providers, CFO Tech Review, 2017; and Finance Monthly Game Changer Award, Finance Monthly, 2017. For more information, please visit www.joineei.com.

About Revised Payment Services Directive (PSD2) 

The Revised Payment Services Directive seeks to improve the existing EU rules for electronic payments. It provides the legal foundation for the further development of a better integrated internal market for electronic payments within the EU. It also puts in place comprehensive rules for payment services, with the goal of making international payments (within the EU) as easy, efficient and secure as payments within a single country. Finally, the directive sets out rules concerning strict security requirements, transparency of conditions and information requirements for payment services, and rights and obligations of users and provides of payment services.


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