The traditional payment and banking landscape is about to be painted with new colours thanks to the introduction of the revised Payment Services Directive (PSD2). Though the Directive envisages a cornerstone role of Application Programming Interfaces (APIs), further details have not been specified thoroughly, allowing banks to proceed with the implementation according to their best understanding.
The Berlin Group, a pan-European payments interoperability standards and harmonisation initiative, has identified this as a potential issue believing that implementation and continuous maintenance of numerous interfaces are not feasible and any innovation based on Access to Account (XS2A) could be jeopardized. Emphasising that standardization is crucial, the Berlin Group established a task force, the NextGenPSD2 Initiative, aiming to reduce complexity and standardize APIs for integration.
Asseco SEE, as a vendor whose digital banking platform Digital Edge is PSD2 ready, is responding to the Berlin Group’s efforts by participating in the open market consultations on the NextGenPSD2 Access to Account Interoperability Framework. The common goal is to come up with a harmonized API standard to the benefit of the European customers and frictionless experience while preserving data security. The public market consultation will also feature a NextGenPSD2 Conference 2017 gathering professionals dealing with the PSD2 standard in order to provide detailed insights related to the topic and possibilities for opinion exchange and clarification. In addition, all banks, payment providers, processors, fintechs are invited to ask questions on the NextGenPSD2 framework and the market consultation, which will be available on the dedicated FAQ page.
The highlighted benefits of Asseco SEE PSD2 proposition include:
Complete set of API definitions
Low-risk, quick deployment for PSD2 compliance
Both webinars are accessible on demand and present a comprehensive overview of the regulatory requirements along with the solution demo. If you didn’t have a chance to watch the webinars, you can download them now using the links above!
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