EBA Clearing subsidiary Preta has signed up 30 banks and tech firms to Open Banking Europe, an initiative launched in June last year to create a centralised PSD2 directory, according to finextra.com. With the backing of major European banks, Open Banking Europe will seek to address regulatory concerns about the interoperability of bank data sharing initiatives under PSD2.
John Broxis, managing director of Preta says the need for a centralised directory for account-servicing payment service providers (AS-PSPs) and third-party providers (TPPs) has become more pressing as compliance with Access-to-Account requirements will have to be achieved by the end of September 2019.
„This practical deliverable is a key missing element that PSPs and TPPs across Europe will have to rely on from September 2019 when the relevant regulatory requirements kick in,” he says. „Preta’s expertise in delivering successful pan-European solutions in consultation with users and stakeholders is a sound basis for providing a fit-for-purpose solution and building the necessary reach.”
Open Banking in Europe is being pushed by the European Commission as part of a digital agenda to open up services, provide choice and competition, and allow innovation in the market.
PSD2 Access to Account is a mandatory regulatory component, where all institutions that offer payment accounts, must offer an access to regulated third parties with no contracts. Going beyond the regulatory compliance, Open Banking is a strategic line of business.
During 2018, Open Banking Europe focus is regulatory compliance, but with the understanding of the broader perspective.
Open Banking Europe provides:
. A central repository of information relating to Access to Account.
. Holistic overview of how the internal and external elements of an Open Banking project fit together.
. Expertise on how national regulatory data can be used between and across countries for Access to Account.
. Essential directory services needed to check regulatory Information.
. Essential directory services needed to exchange operational information.
For clarity, Open Banking Europe does not provide API standards or API software.
More details here: OPEN BANKING EUROPE
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
