PSD2 is a data and technology- driven Directive that aims to drive increased competition, innovation and transparency across the European payments market, while also enhancing the security of internet payments and account access.
The core of the PSD2 regulation is the requirement for banks to grant Third Party Providers (TPPs) access to a customer’s online account/payment services in a regulated and secure way. Enabling ‘Access to Account’ (XS2A), a secure access via APIs to customer accounts and data if the account holder provides consent. This by using customer identity verification and authentication via APIs.
Merchant acquirers, banks, FinTech companies, and large merchants would likely have the capacity to provide such payment initiation services.
Banks, FinTech companies, and non-traditional financial services companies would likely have the capacity to provide such account information services
The Berlin Groups initiative of a harmonised PSD2 Standard is a very interesting approach of standardization and will solve a lot of integration issues that otherwise will be a huge problem if different banks provides their own version of PSD2 APIs.
The 2nd of October 2017 the Berlin Group started a marketing consultation on the standards of a harmonised NextGenPSD2 European API Standard for accessing bank accounts.
Entiros can now offer a draft Swagger, of the Berlin Group NextGenPSD2 API. A result of the documentation currently provided by the Berlin Group. Sign up to the PSD2 VAN to get access to the Swagger and start testing.
Accelerate your TPP and bank connectivity by joining a collaborative network.
Connect once – innovate with everyone
SIGN UP TODAY
Join the PSD2 Value Added Network today and get access to: