PaymentGenes Article

Jun 30, 2017

The EU has identified Open Banking as one potential remedy to an area of slow innovation and market development that seems to be holding back the competitiveness of its trading bloc. European regulators intervened in late 2015 and adopted a second Payment Services Directive (“PSD2”) that compels banks to connect their digital assets to entities outside their organizations through a standard API interface. Elements of the new EU law become active in EU Member States in January 2018 and mandatory industry standards for the banks’ API will be in place in early 2019.