SEPA Open Banking Scheme Put On Ice Due To Regulatory Pressures

Efforts to open up the euro’s payment and settlement scheme to wider access via application programming interfaces (APIs) has been put on hold, after fintechs insist on getting the first phase of open banking over the line first.

The Euro Retail Payments Board (ERPB) finalised a mandate in January for a new working group, which would look into allowing API access to the SEPA payment scheme. The project was intended to extend the benefits of open banking across the eurozone.

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