Estonia’s oldest bank chooses Token & Icefire for PSD2 compliance

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Strategic partnership enables Estonia’s oldest commercial bank to comply with EU regulations and capitalise on open banking

25th June 2019 – Turnkey open banking platform provider,, today announces it has been chosen by Tallinn Business Bank (TBB) to deliver PSD2 compliance in partnership with technology provider Icefire.

TBB is the oldest commercial bank operating in Estonia. Icefire is integrating Token PSD2TM into the bank’s infrastructure to establish compliance with the Second Payment Services Directive (PSD2) before the September 14th deadline.

This announcement follows recent partnerships with Tandem Bank, thinkmoney group, and Sberbank Slovenia and Croatia, cementing Token’s status as the leading open banking platform provider across Europe.

Igor Novikov, Chairman of the Board, TBB, comments: “Token’s platform is the fastest, most secure and most cost-effective route to meeting the RTS requirements. Our work with Token and Icefire is enabling us to comply with PSD2 quickly and efficiently so we can focus on our business and consumer clients, including recently launched services such as settlements, import and export crediting and complex financing.”

Steve Kirsch, Founder and CEO, Token says: “With the final deadline for RTS compliance fast approaching, European banks need to act quickly. Our turnkey open banking solution is enabling TBB to comply with PSD2 without resorting to shortcut options such as screen scraping. That’s the aim of Token PSD2 – to empower banks to capitalise on open banking, free from the burdens of technical integration and regulatory compliance.”

Aleksei Bljahhin, Head of PSD2 and Open Banking, Icefire, adds: “For PSD2 to have the desired impact on the European financial services industry, all banks and Third Party Providers (TPPs) need to support the same APIs. Working closely with Token on the TBB implementation from the proof of concept stage onwards has enabled us to integrate the SaaS solution effectively and efficiently, and we support Token’s goal to be the industry standard for open banking.”

Token offers the industry’s simplest and most secure transaction-based PSD2 API. As it is cloud-based, it gives TBB both flexibility and scalability when initiating and managing transactions. Now, TBB can be accessed by any regulated TPP in Europe. The bank gains crypto-based security and programmable money technology together with the operational support, consent management, monitoring and reporting needed to succeed. Compared to alternative open banking solutions available, Token is on average 70% less expensive to implement.

For further information about, and how its open banking infrastructure enables PSD2 compliance and new revenue streams for banks, visit:


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Media Contacts

Sumayyah Bhatti | | +44 (0)113 350 1922

About Token

Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks. Limited is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.

Token’s team combines years of highly successful execution and innovation in the technology, banking and security sectors. The Token team comes from top companies like Google, Apple, Microsoft, Barclays, ACI Worldwide, HSBC, Twitter, and Square. Token’s CEO and Founder, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits.

Token is a recognised industry leader, winning Best Payments Newcomer in the 2019 Card and Payments Awards; Fintech Start Up of the Year in the 2019 FStech Awards; and the Open Banking category in the 2018 London Institute of Banking & Finance Financial Innovation Awards. Token was also named as one of the top ten companies to watch globally in the 2017 Financial Times Future of Fintech shortlist and named in CB Insights’ 2017 global annual ‘The Fintech 250’ ranking.

For further information, please consult: or follow us on Twitter: @token_io and LinkedIn.

About Tallinn Business Bank

Tallinn Business Bank was founded in December of 1991 and at present it is one of the oldest commercial banks operating in the Estonian Republic. Tallinn Business Bank has two offices (the main office included) located in Tallinn, and in addition a branch in Narva.

Since the very beginning the bank has focused in its operation mainly on small and middle-sized enterprises as well as private individuals. The bank is rendering all basic financial and banking services, deals with precious metals included.

Tallinn Business Bank is a full member of MasterCard International organization. The bank issues for customers two types of Maestro debit cards and and Debit MasterCard, and also three different types of MasterCard credit cards.

Lately the Bank has started to render combined services including settlements and crediting for goods and commodities exchange between the Estonian enterprises and their foreign partners in EU. The bank is also active in lending and leasing business with agricultural enterprises, complex financing for commercial, industrial and construction companies.

Customers of the bank are offered to place their money into long-term time deposits of different types both in the Euro and foreign currency. The bank has introduced beneficial interest rates and service charges for certain groups of customers. Personal banking services provide more individual approach for a customer.

Further information about Tallinn Business Bank please visit

About Icefire

Icefire designs and builds transformative technologies for banks and fintech companies. We simplify and automate complicated processes, replacing tedium with meaningful work fit for humans.

Icefire’s long-standing experience in designing and building technological solutions for clients in the financial sector has led to a wealth of knowledge that goes far beyond technology. We’re immersed in the evolution of financial services, as well as customer expectations and behaviors.

Over the years Icefire has simplified and automated complicated processes for companies like: Luminor, OP Financial Services Group, Swedbank (Group, Finland, Baltics), Nordea, LHV, TBB, Bigbank, Arvato Financial Services, Skype, TeliaSonera, Estonian Tax and Customs Board and many others.

In 2018, we turned our expertise into Modularbank. It’s a module-based integration platform containing everything a bank or credit institution needs for compliant day-to-day operations.

Icefire was awarded by Banking Tech Awards in December 2018 as the best of the best in Corporate Banking for the cooperation with OP Banking Group. In 2017, their microservices based banking system for Bigbank Group was nominated as the best banking tech overhaul project.

Further information about Icefire

Further information about Modularbank

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