In 2019, mElements continued to develop API (Application Programming Interface) products for the e-commerce industry, with an emphasis on Credit APIs, and focused on launching an e-commerce payment product.
In the area of e-commerce API, where mElements provides a unique credit API solution on a European scale, the company continued to grow its customer base, establishing cooperation with one of the largest online payment entities in Poland.
In 2019, mBank launched the API platform supporting access to payment initiation services and access to account history, as required by PSD2 (Payment Service Directive 2). Its test environment is provided by mBank’s so-called “sandbox”, which is a special IT system designed for third-party developers, i.e. TPP (Third-Party-Provider). mBank obtained the approval of the Polish Financial Supervision Authority to act as TPP in July 2019. TPP, which is related to the financial market, will be able to use the banks’ systems in the future to provide alternative services, e.g. to initiate payments or aggregate information about client transactions. The mBank’s sandbox is available at our page.
The whole production, delivery and development of this platform was the responsibility of the mElements team, and after the launch, the quality and stability of the solution was appreciated by the market – according to mBank’s API estimates, it is the most frequently used API on the market.
As a result of the PSD2 directive, several important innovations were also introduced in September 2019, including a change in the way of logging into the account (the so-called strong authentication), confirmation with a PIN code of selected contactless transactions (up to PLN 50), mobile authorization available in a separate application (mBank Token), the possibility of adding a computer or tablet to trusted devices or withdrawal of the list of one-time passwords. All relevant information for our individual, corporate, SME and corporate customers in the PSD2 area is available at our page.
In addition to the work on API development, in 2019 the company focused its efforts on creating and launching a strategically important business area for mBank Group – payment processing in e-commerce. In September, we completed a project lasting several months to create the required technological infrastructure for a product operating under the Paynow brand. In October, after a license process lasting several months, we received permission from the Polish Financial Supervision Authority to operate as a National Paying Authority. In the second half of the year, together with mBank, the company launched „friends and family” tests of Paynow’s services, which resulted in the participation of several hundred customers and the successful launch of full acquisition activities.
Moreover, in 2019 mElements also became a member of The Chamber of Electronic Economy, which associates the largest entities operating for the development of e-commerce in Poland.
The company is ending the year 2019 with a mature product portfolio, whereas the year 2020 will be marked by dynamic acquisitions and development aimed, among others, at taking advantage of the options launched under the PSD2 directive.