Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


  • Auka launches suite of mobile payment technology to financial sector across Europe
  • Auka is the company behind first fully regulated financial system to be run entirely on Google Cloud Platform
  • Application allows banks to launch their own solution in three months
  • Deadline for institutions to release API to third parties fast approaching

A Nordic pioneer1 in mobile payments is launching today in the UK and across Europe.

The first fully licensed and regulated financial company to be run 100 per cent on the Google Cloud Platform, Auka builds and operates fully regulated and licensed end-to-end payments infrastructure that connect financial institutions, merchants and consumers. Banks can then license the infrastructure and applications and launch mobile payments products under its own brand, all within a few months.

The launch comes as the clock ticks on implementation of PSD2 (payment services directive) / XS2A (access to accounts). Approved by the European Parliament at the end of last year, the most significant change of this EU regulation is opening the payments system (currently run directly by the banks) to the open market, thereby increasing competition and, as a result, a wider (and more economic) choice for customers.

This isn’t just another piece of EU regulation requiring changes to operations and compliance. Banks and financial institutions are going to have to  offer up their API (application program interface) to third parties.

It is a digital revolution that will completely alter the current banking model and require financial institutions to adapt their business and operating mode. Failure to keep up will result in revenue, currently generated by the big financial institutions, being taken by innovative new players.

1So banks are faced with one of three choices: do nothing and accept that challenger firms will leverage customers away from them, develop their own system in house, or buy a fully-functional off-the-shelf package that they can customise to their own needs.

But developing a secure mobile payments platform takes time: it has to be secure, stable, intuitive and something customers want to use. In less than two years, the doors will be thrown open and they will have to compete on the open market if they are to retain control of the transaction chain.

This is where Auka comes into its own. The company, which developed and perfected Norway’s mCASH system, now has 17 banks and several thousand merchants running live on it platform, deployed on a PaaS/SaaS (Platform as a Service / Software as a Service) model.

Its suite of applications can be customised to a bank’s needs, from branding and corporate identity through to real time P2P, Point of Sale (POS) and merchant services. What’s more, this can be turned around in three months; far less time than it would take a bank to create its own platform from scratch.

Auka relies on Google App Engine, a service of Google Cloud Platform, in the backend. Google has been working closely together with Auka from the beginning and together they now work to bring new, innovative payment solutions to the financial industry.

2“I’m excited and privileged to work together with the Auka team. They introduce fresh ideas and services to what is considered a very traditional industry in terms of IT. I believe what Auka is doing is very disruptive and a great step forward for the financial industry,” said Otso Juntunen, Head of Google Cloud Platform in the Nordics.

Daniel Döderlein, CEO of Auka, says, “traditional banks are facing a massive change to the way they do business – and how they interact with their own customers – in the shape of the second iteration of the Payment Services Directive” (PSD2).

“Banks need to be prepared to use the Access to Accounts (XS2A) provision within the new regulations to its full extent. It’s not just about complying with requests to provide their API, but building the kind of sticky, high-frequency use services that they can then plug their rivals’ APIs into, ensuring that they are the brand that customers have facetime with,” Döderlein said.

PSD2/XS2A is going to disrupt the market. But with some forward planning, it can be an opportunity to stay relevant.

In Norway, the mCASH system has been deployed by 17 banks that will use the solution to future proof its position for when the changes come into effect. It’s harder to break into an established space than when you all start off at the same time. Banks across Europe need to do the same if they are to retain ‘ownership’ of their customers. The alternative will be costly to them in many ways.