What is PSD2?
The revised Payment Services Directive (PSD2) is a European regulation that requires banks to create mechanisms to enable third-party providers to work securely, reliably and rapidly with the bank’s services and data on behalf and with the consent of their customers. Whilst PSD2 does not explicitly require banks to use Application Programming Interfaces (APIs) to meet their obligations, they quickly became standard practice.
How Open Bank Project PSD2 Suite helps
Open Bank Project PSD2 Suite enables financial institutions to securely and rapidly comply with PSD2. The Suite is based on Open Bank Project API Platform and includes a set of tools and software to handle TPP Registry, API Gateway, Consent Management, Risk Engine, Multi-factor Authentication and SCA. The solution supports major EU standards including Berlin Group specifications.
Open Bank Project + TESOBE
At TESOBE we believe that banks should not think of PSD2 as a compliance dilemma or market threat but more as an opportunity to embrace the new world of open banking. Open Bank Project PSD2 Suite offers a fast-track API-driven PSD2-compliance into bank architecture, allowing banks to focus on new opportunities delivered by this infrastructure.
01. Faster time-to-market
02. Beyond PSD2
03. Successful track record
What is Berlin Group
The Berlin Group is a standards initiative and API framework that helps Banks comply with PSD2 regulation.
Open Bank Project delivers Berlin Group 1.3 APIs to production commercial license holders so they can fulfill their PSD2 compliance requirements. Implementation specifics are arranged with license holders on a case by case basis.
Try it out!
The Open Bank Project PSD2 API sandbox is an open environment that provides a great showcase of what a PSD2 platform might look like. It creates an avenue for banks to securely share information, helping customers access bank services required by PSD2 (such as transaction history) and providing access to further premium APIs. Authentication processes correspond to PSD2 requirements.