With the release of a press statement today, the Berlin Group NextGenPSD2 Taskforce announced the creation of an open, common and harmonised European API (Application Programming Interface) standard to enable Third Party Providers (TPPs) to access bank accounts under the revised Payment Services Directive (PSD2), in preparation for consultation with the market in Q3 2017. The aim of the Initiative is to support TPPs in delivering innovative solutions to customers, using modern APIs, which permit access to bank accounts while keeping data safe.
NextGenPSD2’s objectives are to reduce the complexity of PSD2 Access to Accounts (XS2A), address the problem of multiple competing standards and ensure maximum interoperability and reachability across Europe by specifying a harmonised and interoperable API standard for a European XS2A Interface between banks and TPPs. This would enable European banking customers to benefit from innovative products and services (‘Banking as a Service’) by granting TPPs safe and secure access to their bank accounts and financial data, accompanied by a frictionless customer experience.
In order to ensure that the interests of all stakeholders are reflected, the standard, which is still under development, will be presented to the market for consultation after the summer. Details of the initiative and the forthcoming consultation can be found at www.berlin-group.org/psd2-access-to-bank-accounts. NextGenPSD2 Initiative aims to publish the full detailed standard in Q4 2017.
In a unique partnership, participants in NextGenPSD2 are working together with the common vision that open and harmonised PSD2 XS2A interface standards for processes, data and infrastructures are the necessary building blocks of an open, interoperable market. True interoperability is an essential component of competitive pan-European PSD2 XS2A services that will contribute to further progress towards the European Single Market and benefit the payments industry in general and European consumers and businesses in particular.
The full text of the press-release can be found here.