With 40 banks and tech firms signed up, Open Banking Europe is shaping up into a centralised directory that can address the regulatory concerns about the interoperability of bank data sharing PSD2 initiatives.
The directory provides a standardised and machine-readable repository of regulatory data related to third-party providers (TPPs) and enables access-to-account (XS2A) services.
John Broxis managing director of PRETA says: “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.
“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.”
