The influential Berlin Group has announced plans to develop a “testing framework” for banks that hope to ensure their application programming interfaces (API) will gain the approval of regulators.
For banks that choose to build an API, technical standards accompanying the revised Payment Services Directive (PSD2) will also require them to provide a contingency, or fallback, mechanism for third-party account access.
If their primary interface is approved by the national regulator in time for the standards’ September 2019 deadline, those banks are exempt from providing a fallback.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.