OPEN BANKING / DATA
“ PSD3 , along with its counterpart Payment Service Regulation ( PSR ), will standardise Open Banking expectations and practices ”
RAOUF MHENNI CHIEF COMMERCIAL OFFICER , SOPRA BANKING SOFTWARE their main data APIs cannot properly support Open Banking , will no longer be required under PSD3 .
Mhenni comments : “ This is a huge step in incentivising banks to shed the legacy infrastructures that they ’ ve been holding onto for years and move forward with large-scale digitisation initiatives .”
Other regulatory augmentations of PSD3 look set to come in the Strong Customer Authentication ( SCA ) space , which will enable customers to make required security changes every 180 days as opposed to every 90 days under PSD2 .
158 June 2024