Today, the Berlin Group has published Version 1.0 of the NextGenPSD2 Access to Accounts (XS2A) Framework that enables Third Party Providers (TPPs) to access bank accounts under the revised Payment Services Directive (PSD2). Version 1.0 integrates extensive public market consultation feedback and is based on the European Commission adopted European Banking Authority (EBA) Regulatory Technical Standards (RTS) for Strong Customer Authentication and Common and Secure Open Standards of Communication.
Based on open industry standards, the NextGenPSD2 Framework Version 1.0 offers a modern, harmonised and interoperable set of Application Programming Interfaces (APIs) as the safest and most efficient way to provide data securely.
The NextGenPSD2 Framework reduces XS2A complexity, addresses the problem of multiple competing standards in Europe and, aligned with the goals of the Euro Retail Payments Board, enables European banking customers to benefit from innovative products and services (‘Banking as a Service’) by granting TPPs safe and secure (authenticated and authorised) access to their bank accounts and financial data.
The APIs support the PSD2 required account information (AIS), payment issuer instrument (PIIS) and payment initiation (PIS) services and are among others built on RESTful and JSON standards, relying on ISO20022 standards for the data elements to be exchanged.
The NextGenPSD2 Framework aligns with market requirements as expressed in the market feedback from the public market consultation of October/November 2017 for which a total of approximately 1,000 market comments from 59 organisations have been processed. The Framework also integrates applicable legislations and regulations as it is based on the European Commission adopted EBA RTS version (adopted on 27 November 2017). The NextGenPSD2 Framework Version 1.0 comprises Operational Rules and Implementation Guidelines and is ready to be used by banks and TPPs for implementing PSD2-required bank account access.
The NextGenPSD2 Framework documents have been made available for download on the Berlin Group website (www.berlin-group.org/psd2-access-to-bank-accounts).
The ‘Berlin Group’ is a pan-European payments interoperability standards and harmonisation initiative with the primary objective of defining open and common scheme- and processor-independent standards in the interbanking domain between Creditor Bank (Acquirer) and Debtor Bank (Issuer), complementing the work carried out by e.g. the European Payments Council. As such, the Berlin Group has been established as a pure technical standardisation body, focusing on detailed technical and organisational requirements to achieve this primary objective.