France’s central bank is confident that financial institutions in the country will readily meet the EU deadline for having their application programming interfaces (APIs) approved once long-awaited third-party access rules take effect next year.
European banks and other financial institutions must have APIs that are approved by their national regulator by September 14, 2019, to avoid providing a second “fallback” access mechanism — but that must follow a testing phase of at least six months, creating a secondary deadline of March.
The requirements are set out in regulatory technical standards (RTS) accompanying the revised Payment Services Directive (PSD2).
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