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News
INNOPAY Open Banking Monitor: Banks moving beyond the PSD2 requirements
Open Banking has seen considerable activity in the last few months. Indeed, with the EU’s compliance deadline for PSD2 looming, Open Banking developer portals have emerged in great numbers, with 300-plus banks now in our monitor. In the recent release of the INNOPAY Open Banking Monitor (OBM), updated in August 2019, we described the cur...
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Blog
PSD2 licensing: solving the puzzle of becoming a Third Party Provider
The European Union (EU) revised Payment Services Directive (PSD2) was adopted January 2016 as an update of PSD 1 (adopted in 2007) and introduces two types of new services under its licensing scope: payment initiation services and account information services. New players in the financial industry and incumbents (e.g. banks, electronic mo...
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Publication |
Blog
Banks should open-up beyond PSD2 to deliver on the innovation promise
We all know by now that “XS2A” - access to payment accounts by third party providers (TPPs) - is going to happen in some shape or form under PSD2, but there is still considerable uncertainty. The transposition of PSD2 into national law is being delayed in twenty member states[1] and while the Regulatory Technical Standards on Strong Custo...
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Blog
PSD2 and Open Banking Use Cases for Insurers in an Open Data Economy
Legal drivers such as GDPR and PSD2 in Europe and CDR in Australia are enabling the customer with more ownership and control over its own data. As a result, the customer is increasingly empowered to more easily provide consent-based access to his/her data by a service provider of choice. This trend is accelerating across countries, indust...
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Publication |
News
PSD2 RTS one year on: snapshot of a growing TPP ecosystem
Today we celebrate the first ‘birthday’ of the Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA). 14 September 2019 was the date that marked the go-live of key security requirements for third party access to payment accounts (XS2A). Since then, banks have been required to open up certain payment functionalities ...
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Blog
EBA RTS: Three key business implications for bank decision makers
The European Banking Authority’s (EBA) has published its long-anticipated draft Regulatory Technical Standards (RTS) on ‘strong customer authentication and secure communication’ on 12 August. The RTS are considered key to achieve the PSD2 objectives of enhancing consumer protection, promoting innovation through competition and improving t...
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Blog
INNOPAY’s 7 key dimensions of mastering Open Finance maturity
Open Finance is growing rapidly as financial institutions continuously launch new APIs and improved developer portals to extend third-party access to financial products, services and customer data. However, there is more to Open Finance than that. INNOPAY has developed a comprehensive model covering seven key dime...
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Publication |
Blog
Quo Vadis Open Banking in DACH?
Market leaders further strengthen their competitive edgeDigital value propositions in financial services have seen a surge, accelerated by many factors, including regulatory pressure (e.g. PSD2), changing customer behaviour in part driven by the COVID-19 pandemic, as well as the latest buzz around ‘embedded finance’ enabling access to fin...
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