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.
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