Following the Joint Statement between the ECSAs and TPP associations, banks and TPPs now write to provide the European Commission with an update from the Joint PSD2 Task Force. In the Joint Statement, banks and TPPs agreed on some topics, together with progress made so far: 1. The parties agree to call upon ASPSPs to provide contingency relevant documentation in their developer portals, more specifically on TPP identification and use of […]
As more and more banks open their APIs before the September 14 deadline, Salt Edge has added another one hundred to the list of its connected open banking APIs in the EU, making it 400+ integrations. Gaining more speed along the open banking trajectory, just in the last two weeks Salt Edge has added a hundred more APIs and after the big number of 300+ in August has already integrated with 400+ […]
The requirement of Strong Customer Authentication (SCA) for payment service providers was scheduled for 14 September 2019. Germany’s Federal Financial Supervisory Authority (BaFin), however, just announced it will not insist on SCA-rules to be followed immediately to avoid disruption for payments online. As a temporary measure, payment service providers domiciled in Germany will still be allowed to execute credit card payments online without strong customer authentication after 14 September 2019. […]
The Central Bank of Ireland (CBI) has followed the lead of the Bank of England and announced a delay to the roll out of Strong Customer Authentication (SCA) rules. National regulators have been given additional leeway by the European Banking Authority to extend the September deadline for the introduction of the new rules in order to give firms more time to prepare. E-commerce businesses have warned that more than a quarter of […]
The UK’s Financial Conduct Authority is set to delay enforcement of PSD2’s SCA by more than 18 months, after warnings that the rules would threat online sales, according to Financial Times. New “strong customer authentication” rules, which will require most online payments to go through an extra level of verification to reduce fraud, are due to be introduced in September, but industry groups said that a lack of preparedness would make […]
In accordance with the decisions taken at European level, the Bank of Italy has decided to provide the Italian financial industry additional time to complete the adjustments required by law concerning the security of card-based online payments. The second Payment Services Directive (PSD2) and the related regulatory technical standards set 14 September 2019 as the deadline for the mandatory adoption by banks and other payment service providers of strong customer […]
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 […]
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) […]
This is the second piece in an ongoing series called Tink Thinks: Inside the EBA, where Tink’s experts explain and comment on the business of the European Banking Authority’s (EBA) PSD2 API working group, which is helping to ease the implementation process ahead of the September deadline. The series Tink Thinks: Inside the EBA is part of a broader public policy effort at Tink to advocate for third-party providers (TPPs), so that […]
New research published by Open Banking platform Tink has revealed that European financial institutions still have significant concerns about Open Banking impact, according to thepaypers.com.Two fifths (39%) see Open Banking regulation as the biggest current threat to their business model and 56% fear that consumer loyalty towards banks will be reduced as a result of Open Banking. Nevertheless, the report – based on a survey of 269 senior decision makers in […]