A Brussels-based cross-industry group has issued its long-awaited final recommendations for the functionality that banks’ application programming interfaces (APIs) should offer if they are to gain regulatory approval.
The API Evaluation Group, which comprises representatives from banks, third-party providers and retailers and includes several EU-level regulators as observers, made the document public on Friday.
The recommendations are targeted at API “initiatives”, or groups of institutions working on common standards such as the Berlin Group, STET and the UK’s Open Banking Implementation Entity.
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