Finland’s financial regulator has revealed that some of the country’s banks failed to meet requirements on third-party account access that came into effect on Saturday.
Under the revised Payment Services Directive (PSD2), banks are encouraged to allow fintechs to access customer account data through a dedicated interface, in an effort to create an open banking ecosystem and spur competition.
If they do so, and have that interface — typically an application programming interface (API) — approved by their national regulator, they are exempted from providing a “fallback” access mechanism based on the customer-facing online or mobile banking offering.
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