The European Fintech Alliance, representing 62 service providers, has asked the European Commission to reject the proposed Regulatory Technical Standards that mandate the use of APIs to access account data under PSD2. The resulting row could push back adoption into 2019.
Fintechs say the RTS is in breach of both PSD2 and the General Data Protection Regulation in insisting on using APIs, and argue that the Direct Access method they have been using is better.
Features and benefits:
- Compares the benefits of continuing to allow Direct Access with the restrictions of API access.
- Learn how a simple ruling by the EC could avoid further delays and improve future account services.
- How valid are the arguments on both sides of the API debate?
- How could the argument be easily resolved, to the benefits of all parties?
- Open banking should mean open banking
- Preserving the status quo is not good enough for either side
- APIs are a better solution – if they can access appropriate data
- Further reading