BaFin publishes joint statement on migration to PSD2-compliant interfaces

As a result, access to payment accounts by payment initiation and account information service providers, which had already been established on a large scale in Germany prior to the PSD2 and for a wide range of applications, have received a harmonised European legal framework.

The implementation of this legal framework in practice requires cooperation between payment service providers managing accounts and payment initiation and account information service providers. To promote this interaction, declare:

• the present associations of the account-holding payment service providers (hereinafter referred to as the associations of the banking industry), and

• the payment initiation and account information service providers present shall jointly address the following points:

• Both sides see the PSD2 not only as a regulatory obligation, but also as an opportunity for the establishment of new payment services.

• Joint customers should continue to be able to use existing payment trigger and account information services securely and conveniently.

• Both sides advocate the provision of powerful and modern interfaces to enable PSD2-compliant use.

• The account-keeping payment service providers have already made extensive efforts to implement the new requirements of the PSD2. The associations of the banking industry will recommend their members to implement outstanding requirements as quickly as possible so that the payment initiation and account information service providers can quickly convert their account accesses completely to PSD2-compliant interfaces. Therefore, a transparent and understandable documentation of the implemented interfaces is very important.

• The payment initiation and account information service providers have also made extensive efforts to ensure that they will continue to intensively test the interfaces provided and start to migrate their account accesses to PSD2-compliant interfaces as early as possible. You will address problems with the conversion or the scope of services of the interfaces directly to the contact points designated by the payment service provider managing the account concerned.

• Both sides assure that they will examine whether and to what extent a common platform for the exchange of information can be created.

• Both sides agree on constructive public communication and a positive approach to the common customers.

• Both sides promise a further constructive dialogue for the fastest possible conversion of access paths to PSD2-compliant interfaces.

• Both sides assure that they will speak openly about extensions and improvements to the PSD2-compliant interfaces that go beyond the mandatory PSD2 program. In the interest of the common customers, they will take into account the possibilities of use to date.

Ralf Ohlhausen, Executive Advisor at PPRO and Vice-Chairman of ETPPA, commented: “Thankfully, BaFin is one of the regulators taking an active role in making PSD2 a success in the eyes of the end customers and forcing banks and TPPs to cooperate in getting there, in particular by improving the APIs, which are just not good enough as yet.”