The standards launched by the Berlin Group in 2017, which involve more than 1,700 banks from 20 countries, are called NextGenPSD2.
According to European Central Bank (ECB) data, 78% of European banks have complied with this standard. Fintechs can test applications in sandboxes prepared according to these standards. Applications that successfully demonstrate compliance with the Berlin Group NextGenPSD2 standard in the sandboxes can quickly integrate with the banks that support this standard.
Based on open industry standards, NextGenPSD2 Framework Version 1.0 offers a set of modern, compliant and interoperable Application Programming Interfaces (APIs) as the safest and most effective way to provide data securely. The NextGenPSD2 Framework reduces XS2A complexity, resolves the problem of numerous competing standards in Europe, and, in line with the goals of the Euro Retail Payments Board, enables European banking customers to benefit from innovative products and services. TPPs (third-party providers) gain safe and secure (authenticated and authorized) access to bank accounts and financial data. The APIs support services such as account information (AIS), payment instrument issuer confirmation (PIIS) and payment initiation (PIS), among others, and ensure that the data elements to be exchanged are based on ISO20022 standards, RESTful and JSON standards.
The NextGenPSD2 Framework is aligned with the market requirements expressed in the market feedback of the October / November 2017 public market consultation meeting, in which a total of 1,000 market comments from 59 organizations were processed. Because the framework is based on the EBA RTS version adopted by the European Commission (adopted on 27 November 2017), it also integrates the applicable legislation and regulations. NextGenPSD2 Framework Version 1.0 includes the Operational Rules and Implementation Guidelines and is ready to be used by banks and TPPs to implement the bank account access required by PSD2.
The NextGenPSD2 Framework documents can be downloaded from the Berlin Group website ( www.berlin-group.org/psd2-access-to-bank-accounts ).
