The demand comes after an analysis conducted by Tink revealed that while a small minority - 15% - of financial institutions’ PSD2 APIs meet the required functionality for an access interface, not even one meets the requirements to be compliant. The research shows that over a third (36%) of the published APIs are not functional, presenting obstacles for TPPs trying to integrate with them. Moreover, 26% were still unavailable.
This could impact third party providers (TPPs) that create technology-based financial apps and products, all of whom rely on stable connections to continue offering the services that people in Europe have become accustomed to.
As a result, Tink calls for flexibility around September 14, 2019 deadline to allow banks to catch up.
On June 14, 2019, three months before the deadline, all banks were required to publish their access interfaces, or Application Programming Interfaces (APIs), which would allow TPPs to access their customers’ financial data to create new financial products. According to Tink’s previous data, however, only two thirds of banks did so, which gave third party providers less time to integrate the new APIs.
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