France's Regulator Confident API Exemption Deadlines Will Be Met

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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