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PSD2 compliance: 41% of the banks did not comply with the PSD2 deadline
Almost half of the banks (41%) did not meet the recently established PSD2 deadline to provide a test environment or “sandbox” for third-party providers (TPPs). This is the result of a survey of 442 European banks conducted by the open-banking platform Tink.
by René Pongratz
The transition period means that third-party providers have the chance to test the APIs they would use to connect to banks. This connection will serve as the basis for all payment services offered to consumers under the European Commission’s Open Banking Initiative. The transitional period ends on September 14th, 2019. Should banks be unable to comply with this deadline, they no longer comply with the legal compliance guidelines. Sanctions will ensue!
According to Tomas Prochazka, Vice President of Product at Tink, the survey results show that PSD is “putting banks under significant pressure.”
“All those involved in open banking are heavilyminvested in the implementation of the future, which we all foresee for the industry. But the result of a missed deadline is huge – for banks, fintechs, and consumers. The already demanding requirements are supplemented with additional requirements as a punishment. The costs will increase as the timeline expands. And it will prevent anyone from offering better services to consumers. There is also a risk that the big deadline will be missed in September – and that this paradigm shift will take much longer and cost a lot more,” said Prochazka.
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