German Banks 'Astonished' As BaFin Takes Tough Stance On APIs

German banks have expressed their shock at a letter from the country’s financial regulator saying it was unlikely their application programming interfaces (APIs) would be approved by September’s deadline — potentially handing a lifeline to rival third-party providers.

BaFin, which is responsible for supervising firms’ compliance with the revised Payment Services Directive (PSD2), wrote to several industry groups this week claiming there are “fundamental, not exclusively institution-specific problems” with their preparations for the reforms.

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