Banken zijn niet op tijd klaar met PSD2 API’s
With PSD2’s Regulatory Technical Standards (RTS) deadline fast approaching, Swedish open banking platform Tink is claiming that European lenders have failed to provide the proper technology environment for third party providers to access payments data as required by the new law.
European banks were mandated to make their production APIs available by 14th June – three months before the final RTS deadline.
In a bid to assess readiness, Tink has attempted to integrate 84 APIs representing 2500 banks across 12 markets. While 69% of the production APIs were available by 14 June, not a single one was found to be of sufficient quality to have met the required regulatory standards for integration.
Tink says that banks are welcoming feedback, and showing a willingness to improve but predicts that third parties will now need to rely on contingency methods stipulated by PSD2 if they are to offer a smooth service for end users come September.
The firm is calling on regulators to enforce an extended transition period after the deadline to give banks the time to get their APIs up to standard.
Tomas Prochazka, VP, product, Tink, says: “With less than three months to go until every financial institution in Europe is required to be fully compliant with PSD2’s RTS, this is concerning news.
“While efforts from both sides are being made to make the deadline work, TPPs all over Europe are being left in the dark. Unanswered questions – such as who will be granted an exemption from providing a fallback method and when these exemptions will be issued – mean they are faced with a suboptimal working environment.
“It’s in everyone’s interest to make sure that end users are able to continue enjoying the services they have become accustomed to after 14th September – and to ensure PSD2 and the open banking movement are successful.”