FAQ

Participants & Structure


The above participants of the openFinance Taskforce represent the market supply-side (i.e. banks, payment/banking associations, payment schemes and interbank processors operating in SEPA), as providers of the openFinance APIs. The openFinance Taskforce is supported by the API Experts Working Group, a Business Evaluation Working Group and a Market Communications Working Group.
As the potential future users of the openFinance APIs, the NextGenPSD2 Advisory Group & Board is currently considering to start operating as an openFinance Advisory Group & Board as well. More information on this follows soon.




Background & Context


PSD2 XS2A set the regulatory benchmark for consent-driven data access and enabling third parties to trigger a payment. One of the main intentions of PSD2 was to foster innovation and competition in the European banking market. While a first step has been made, more is needed to truly achieve this objective.
PSD2 ensures access to datasets on a bank customers’ payment account. Further, the defined roles for payment initiation and account information allow to provide basic payment services. Compared to other payment means, these will not allow to unleash the full innovation potential. This is why openFinance was established: the openFinance services will cover broader data sources and additional account types than what is required from a PSD2 regulatory perspective.




Deliverables & Technical Specifications


The first draft deliverables and technical specifications are currently being discussed. As soon as they are in final status they will be published here.





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