Open Banking Not A Threat, ECB Says, As Credit Transfer Project Gathers Pace

A senior European Central Bank (ECB) official has re-emphasised that banks must embrace the EU’s third-party account access regime, as it forges ahead with the creation of a new credit transfer scheme built around open banking.

Executive board member Yves Mersch called yesterday for a harmonised approach to designing application programming interfaces (APIs) across Europe, with the aim that banks can benefit from third-party access beyond the role required by the revised Payment Services Directive (PSD2).

“Banks should not see third-party access to accounts as a threat,” he said, speaking at the American European Community Association in Brussels.

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