Bank consortium starts work at openfinance api

Bank consortium starts work at OpenFinance API

The EU had stated its second payment services directive (PSD2) that banks give third parties by programming interface access to account data and ensure the closetting of transfers. That "As" However, she wanted to leave the market and risk an API-Warrad. Among other things, the Berlin Group is due to that: the consortium of rough European banks and banks developed with the NextGenpSD2 API an interface that has established itself as a quasi standard.

Now the Berlin Group continues a step further and announces the development of an open-finance API that offers more the functions required by the PSD2 functions. This includes "Request to pay", "PAY by Loan" and electronic mandates for SEPA. A first overview of the planned functions and technical details gives a brochure (PDF document).

Payment request in online banking

"Request to pay" denotes a method that demonstrates the direct debit procedure. However, it is particularly suitable for such payments that will not return regularly. Receiving the receiver from the receiver via online banking the request for payment, combined with details such as the invoice number or even the complete digital bill. Then he confirms this request in his banking software and thus direct the transfer directly. A jerk booking as in the direct debit is not possible.

"PAY by Loan" refers to installments. While these in Germany are so far played a role in more expensive hands, for example, in Brazil, it is also to pay for cinema or theater cards advantially.

Reserve money and manage securities

Another function is called "Reservation of Funds": It is intended to reserve the amount required for a certain time and provide such a certain security to the payment relevant. "Guaranteed payment" However, the Berlin Group does not want to call this because there are rough legal obligations. At business customers, further planned features are designed such as the management of securities and credit capital.

The first parts of the API should be in the second quarter 2021. It puts as already NextGenpsd2 on the rest as an interface as well as JSON and XML as data formats. The transport protocol serves HTTP 1.1 with the transport capture TLS from version 1.2.

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