The Berlin Group, a-European payments interoperability coalition of banks and payment processors, is pushing a single standard for API access to bank accounts to comply with new regulations on freeing up customer data under PSD2.
The revised Payment Services Directive introduces new 'payment initiation' and 'account information' services, operated by regulated Third Party Providers (TPPs) and enabled via a dedicated Access to Account (XS2A) Interface between banks and TPPs.
The Berlin Group says its NextGenPSD2 Initiative will help overcome the emergence of multiple competing mechanisms in the market by providing a harmonised API standard for accessing bank accounts.
The Group carries some heft in European markets, with membership comprising back-backed ACHs and and industry bodies across the length and breadth of Europe.
Built as an ‘Access to Account Framework’, the Group says the standard will offer operational rules and implementation guidelines with detailed data definitions, message modelling and information flows based on RESTful API methodology. It will be published for consultation in Q4.