As the European financial industry opens up access to account information under PSD2, the NextGenPSD2 Framework offers a modern, open, harmonised and interoperable set of Application Programming Interfaces (APIs) as the safest and most efficient way to provide data securely. The NextGenPSD2 Framework reduces XS2A complexity, addresses the problem of multiple competing standards in Europe and, aligned with the goals of the Euro Retail Payments Board, enables European banking customers to benefit from innovative products and services (‘Banking as a Service’) by granting TPPs safe and secure (authenticated and authorised) access to their bank accounts and financial data. The APIs support the PSD2 required account information (AIS), payment issuer instrument (PIIS) and payment initiation (PIS) services and are built on RESTful, OAuth2 and JSON standards, relying on ISO20022 standards for the data elements to be exchanged.
The Berlin Group believes that open and harmonised PSD2 XS2A interface standards for processes, data and infrastructures are the necessary building blocks of an open, interoperable market. True interoperability is an essential component of competitive pan-European PSD2 XS2A services that will contribute to further progress towards the European Single Market and benefit the payments industry as well as European consumers and businesses alike.
The NextGenPSD2 Framework aligns with market requirements as expressed in the market feedback from the public market consultation of October/November 2017 for which a total of approximately 1,000 market comments from 59 organisations have been processed. The Framework also integrates applicable legislations and regulations as it is based on the European Commission adopted EBA RTS version (adopted on 27 November 2017). The NextGenPSD2 Framework Version 1.0 comprises Operational Rules and Implementation Guidelines and is ready to be used by banks and TPPs for implementing PSD2-required bank account access.
The NextGenPSD2 Framework will be available for download on the Berlin Group website (www.berlin-group.org/psd2-access-to-bank-accounts) on 8 February 2018. As a next step, the documentation of Version 1.0 will be extended with an OpenAPI technical specification a few weeks later.
Appendix - Notes for editorial staff:
NextGenPSD2 is an open, ad-hoc, pan-European industry standards coalition of 43 organisations operating across all EU Member States and representing a diverse cross-section of the European banking and payments industry. The initiative is not bound to a specific (community of) bank(s) or processor(s) and brings non-competitive shared technical and organisational interests together with heterogeneous stakeholders. The initiative is open for cooperation or liaison with other relevant Open Banking initiatives and for further participation by European banks, banking associations, payment associations, payment schemes and interbank processors. NextGenPSD2 has been created in the spirit of an 'open source' initiative: each participant covers their own costs (there are no membership fees); any possible intellectual property rights associated with the results of this interoperability work are intended to be put into the public domain so that they can be used freely.