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.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.