PSD2 came into force on September 14, 2019. Have you thought about the answers to these questions about your testing APIs, API security and your chosen API format? The PSD2 opens up the EU payments market to third-party payment service providers offering services based on access to information from the payment account. We have summarized what you as a merchant need to know in order to be ready for the new rules. But whichever country you’re in, it’s essential that companies recognise the urgency at play. European regulator offers limited extension on PSD2 secure payment deadline June 21, 2019 The European Banking Authority said it has agreed to a limited extension on the Sept. 14th deadline for compliance with Strong Customer Authentication under the PSD2 Payment Service Directive, which will increase authentication requirements for digital transactions, according to a release from the body. Open Banking also strictly aligns to ISO20022 attributes and GDPR requirements for data minimization. © Copyright 2020 Ping Identity. For additional information on how Ping Identity can help with a PSD2 solution for your bank, read about how you can seize the customer experience opportunity through PSD2 compliance or get the technical solution guide on how to implement financial-grade API security. trusted registrar for all bank and third parties, the Open Banking Standard isn’t restricted to the UK, coalition of banks and payment processors, participation in digital identity standards bodies, seize the customer experience opportunity, To give third parties at least six months to test authorising payment services, all banks are required to set up a testing “sandbox” environment that includes APIs, documentation and support by. STET is actively collaborating with many stakeholders and other standardization initiatives across the EU for the sake of having a high quality PSD2 API that will satisfy all European actors. It has been a challenging year for the Payments Industry with regards to PSD2. The December 31st deadline for the implementation of Strong Customer Authentication (SCA) is approaching fast. However, the European Banking Authority has extended the deadline for the requirement that strong customer authentication (SCA) must be implemented for all online payments, until December 31, 2020. In the new digital world, payment security is absolutely essential. Rather than build security and access management from scratch, many of these companies are using Ping’s capabilities as the security component, either white-labeled or openly powered by the Ping platform. With the deadline fast approaching, we don’t recommend building the APIs and security profile yourself. This new standard meets all of PSD2’s requirements, incorporates OAuth 2.0 and can be used by banks, data aggregators, fintechs, as well as insurance companies, broker/dealers and more. And beyond OAuth security flows, many organizations are getting proactive about monitoring API traffic and AI-powered cybersecurity. Our page, and the Money Advice Service provide more information. This can be a dedicated web-based or mobile interface that’s scoped for third party use and limits some of the functions of the full consumer digital interface. It can be loosely flexed in terms of message formats beyond JSON and user experience. These technology companies can accelerate getting the APIs you need, but securing them is still an important component—and that’s Ping’s primary role. YES. Open Banking Standard If you’re in the UK, it’s safe for you to look no further than the Open Banking Standard. The revised Payment Services Directive (PSD2) is the EU legislation which sets regulatory requirements for firms that provide payment services. Your customers don’t necessarily want to be insecure, but without secure financial APIs in place, digital-native and finance-savvy customers will continue using consumer-focused fintech apps from third parties—and they’ll continue to hand over their banking credentials to do so. This group’s standardization efforts have the benefit of not being associated with a specific region’s political or economic motivations since it’s an open, global community of developers, vendors, and users. In the U.S., consumer concern for financial data security and privacy is high. Implementing reliable, easy to use, and secure SCA, within the allotted timeline, was beyond the abilities of many payment service providers, especially smaller ones. Why the PSD2 deadline was extended? Now that you have the APIs, documentation and support plan in place, are your APIs secure? OAuth 2.0 and OpenID Connect (OIDC) form the backbone of many API standardization initiatives across industries, however you’ll find slight differences among the major API standardization frameworks that have emerged specifically for finance, such as OpenID, Open Banking (UK), the Berlin Group, Financial Data Exchange and more. NO. Many have created platforms or provide an API layer/portal, often as a managed service with all the PSD2-compliant APIs you need to have by the deadline. Congratulations! Ready or Not, Here Comes the First PSD2 Deadline The deadline for all EU member states to transpose the Revised Payment Services Directive (PSD2) into national law was over a year ago on 13 January 2018. It provides features around authentication, authorisation, proof management and fraud detection and has been built with the latest technology standards using REST, OAuth2, JSON and HTTP-signature. According to an August 2018 survey, 67% said they are “extremely concerned” or “very concerned” about data privacy using fintech apps, and 56% said they would like to control which of their financial accounts and data types can be accessed by any third party. The most common critique of PSD2 is that it forces banks to provide open APIs, but it doesn’t specify a standard format for APIs across the EU. It includes the data model (at conceptual, logical and physical data levels) and associated messaging for each of the use cases mentioned in PSD2, including fund confirmation. Another thing to note is that the Open Banking Standard is becoming more and more aligned with FAPI over time. One thing to note is that the PolishAPI Standard may be the only standard in the EU that does not embrace the idea of RESTful APIs (at least in its initial version). Ping is helping banks navigate the financial technology partner landscape to find the right organizational fit and expertise to accelerate PSD2 compliance. The 14 th of September was supposed to be the day that the last part of the Payment Services Directive, or PSD2, was rolled out across the EU.. For financial-grade specifications, they are working to model APIs for security and privacy, including protection with secure OAuth tokens and REST/JSON data schema recommendations. OpenID’s Financial-grade API (FAPI) Financial-grade API (FAPI) is an international working group draft specification designed by technical folks who are thought leaders for defining identity security standards for global and major industry use cases. However, the European Banking Authority (EBA) granted further potential exemptions and set the new PSD2 deadline to 31 December 2020..


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