Banks and fintechs remain at odds over whether consumers will be able to share their online banking login credentials with third parties under incoming EU-wide security standards.
Several projects currently underway in Europe to develop application programming interfaces (APIs) for third-party access have used a “redirect” model for carrying out customer authentication.
That means a consumer wishing to use a payment initiation service when shopping online, for example, would be forwarded onto a login screen operated by their bank rather than share their login details with the third party.
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