Deadline Day For PSD2 Fallback Exemption

The first crunch period of the EU’s revised Payments Services Directive (PSD2) falls today, marking the latest point at which banks can begin offering testing facilities to prove to regulators that they do not need to create a fallback mechanism.

Account servicing payment service providers (ASPSPs) — chiefly banks — must prove to regulators that the application programming interface (API) which they offer to third parties is of sufficiently high quality that they do not need to make available an alternative means of account access.

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