The European Banking Authority (EBA) published clarifications to the seventh set of issues that had been raised by participants of its working group on Application Programming Interfaces (APIs) under the Payment Services Directive (PSD2). The clarifications respond to issues raised on downtime of dedicated interfaces, payment status/rejection reasons, account servicing payment service providers restricting access in case of embedded redirection, scope of the bank offered consent, inability to initiate bulk payments via APIs, and whether the Electronic Banking Internet Communication Standard (EBICS) is within the scope of PSD2.
EBA established a working group on APIs (under PSD2) in January 2019. The working group comprised 30 individuals representing account servicing payment service providers, third-party providers, and other market participants. The working group on APIs has been tasked with identifying the issues and challenges market participants face during the use of API interfaces. The group is also asked to propose solutions on how the identified issues could be addressed, which EBA and national authorities will then consider when providing clarifications in response to the issues raised. The aim of the group is to facilitate industry preparedness for the regulatory technical standard on strong customer authentication and common and secure communication and to support the development of high-performing and customer-focused APIs under PSD2.
Keywords: Europe, EU, Banking, API, Application Programming Interface, PSD2, Q&A, Single Rulebook, EBA
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