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.
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.