PSD2 requires the banks to open the bank via APIs
PSD2 doesn’t say how the API from a technical perspective should look like.
Based on this approach a lot of different implementations have been deployed within the last months. This trend makes it really hard for a developer to interface with many banks.
From this perspective the PSD2 standard is much less open than the 20 years old FinTS standard. FinTS relies on only one technical specification. Code once use with every bank.
This new technical diversity formed a new trend of building Fintech Aggregation companies to providing the developer with one technical API.
But aggregation has to be paid and is proprietary either. Finally an Open API is becoming a Closed API (again).
BerlinGroup NextGen API Spec
The BerlinGroup tries to changing this by providing one technical API specification. Additionally the BerlinGroup NextGen Implementation also aims at supporting this one interface approach by providing technical solutions or at least concrete specifications for tests and test servers.
Florian and I are member of the BerlinGroup Implementation. We are close to the current developments.
This Open Source Swagger API Technical Spec based on the BerlinGroup specification is one first result.
What we try to achieve with the OpenPSD initiative is to building software based on what we are learning and defining at BerlinGroup.
We would like to build OpenSource software which reflects our activities at BerlinGroup.
Everybody should benefit from OpenPSD and nobody should have to pay for ‘Open’.
The ‘Open’ of Open Banking!
Feel free to contribute, just drop us a mail!