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Yes, PSD2 is good, but I'm wondering why they didn't go further and mandate something like UK's Open Banking. The difference is that currently in EU banks are
by Roark66 7y ago
Yes, PSD2 is good, but I'm wondering why they didn't go further and mandate something like UK's Open Banking.
The difference is that currently in EU banks are forced to expose a banking API, but every bank can have their own API. While in UK there is one API standard that banks are supposed to allow to be used.
So writing an app for EU one has to deal with tens (if not hundreds) of bank-specific implementations while in UK one is all that's needed.
- grenoire 7y agoThank you for pointing this out. Recently I've been talking to many different banks and payment service providers in the Netherlands, and it's absolutely crazy how little specification there is to the technical end of things. It's effectively an auditorium of hundreds of banks and PSPs across Europe, shouting at each other over how they want to (or not want to) do this one specific thing. It has not helped by any means with the ton of technical debt they had, because now everybody's just winging it and being minimally PSD2 compliant. We still don't have a standardised OAuth (or OAuth-styled) access to banks, and it doesn't look like PSD2 is helping anybody out beyond the "yeah, like, just make the data accessible without scraping, thanks!"
- em-bee 7y agothere are two sides of that coin. while a standard API is nice, it also prevents evolution and improving APIs. you don't really want to lock in a specific API by law. that will work well for a few years, but then it will more likely hinder innovation, rather than support it.
- intarga 7y agoThe real result of this is aggregators appearing, which present a unified interface to all banks, hiding the implementation details under their own interface. i.e https://www.neonomics.io/ https://www.neonomics.io/