EU banks back launch of Open Banking Europe PSD2 directory

EBA Clearing subsidiary Preta has signed up 40 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 is seeking to address regulatory concerns about the interoperability of bank data sharing initiatives under PSD2.

Providing a standardised and machine-readable repository of regulatory data related to third-party providers (TPPs), the directory is considered an important element in enabling access-to-account (XS2A) services. Alongside the TTP data fields, the directory catalogues operational data for all regulated account-servicing payment service providers (AS-PSPs) and TPPs in Europe as well as data on qualified trust service providers (QTSPs).

“The strong support of our initiative by some of the largest financial institutions, covering all the countries in Europe, shows the vital need for a common and collaborative directory that combines the information from the different national repositories and makes it available in a way that is easy to access and process,” says John Broxis managing director of PRETA. “The effort required to understand 31 national registries, each holding multiple types of payment service provider information, should not be underestimated, but when you work together and jointly shoulder the effort, the task becomes much easier.”