Forty-one percent of European banks did not comply with the latest PSD2 deadline earlier this month, which required them to provide a testing environment for third-party providers (TPPs), according to research from open banking platform provider Tink that analyzed 442 banks across 10 markets.
Here’s what this means for different players in the industry:
- Not meeting one deadline means that some banks will have to play catch-up. The 41% of banks that failed to get their testing environment ready before the latest deadline will have to continue working to do this during a time when they should be focusing on meeting the next deadline, which is on September 14. Falling behind on one deadline means that banks will be more likely to miss future deadlines as well.
- TPPs can’t start testing open application programming interfaces (APIs) to access data. By September 14, TPPs are expected to use APIs from banks to access their banking data. However, with some banks not meeting the testing deadline, TPPs might struggle to get fully operational to connect with APIs by September, potentially resulting in disruption.
Read More.. Source Business Insider