The European Banking Authority (EBA) published clarifications to a fourth set of issues that had been raised by participants of its Working Group (WG) on APIs under PSD2. The clarifications respond to issues raised on the confirmation of payment execution, biometrics and authentication on mobile apps, access to non-payment account information, stress testing, qualified eIDAS certificates for Account Servicing Payment Service Providers (ASPSPs), the 4 times per day access by […]
The European trade association (EPSM) fears that the uncoordinated delegation of the migration plan responsibilities to national competent authorities will lead to a very heterogeneous situation within the European Union. Therefore, EPSM recommends that „all regions should agree an additional timeframe of 18 months for standard applications, as well as up to 36 months for challenging applications, such as those in the travel and hospitality sector.”, according to a press release. […]
Most institutions are adapting their business models to cope with the competitive pressure and embrace PSD2 changes, while some of them may in parallel embrace the positive impact of FinTech. In the medium to long term, a number of factors will define the transformation of institutions’ business models: (i) the progress of Open Banking and APIs, facilitated partially by PSD2, (ii) the level of implementation of innovative technologies and (iii) […]
Could the poor quality of bank APIs put the success of PSD2 in jeopardy? A Tink analysis finds that none of the tested bank APIs released by the penultimate 14th June deadline meet the quality requirements laid out by PSD2 regulators – potentially creating a “cliff edge” scenario in September that compromises the financial services for millions of consumers. As a third party with a PSD2 license, we’re required to use all […]