Dutch Payments Association embraces pan-European API standard

20 May 2020

The Dutch Payments Association has joined the Berlin Group , a pan-European standardisation initiative for payments.

For the new PSD2 services, the Berlin Group published its NextGenPSD2 framework for API specifications at the end of 2018. The Dutch Payments Association has been actively involved in developing the NextGenPSD2 framework since the initiative began in 2016.

Access to the bank account

PSD2 provisions for ‘access to the bank account’ form the basis of an entirely new distribution channel for banking services offered through third parties. Some of these services are defined by PSD2 – payment initiation and account information – and are available to all licensed payment service providers in Europe. The API distribution channel is increasingly aimed at parties with which a bank enters into a specific service agreement under the broader heading of Open Banking.

NextGenPSD2 framework

In the period ahead, the Berlin Group will use the NextGenPSD2 framework to develop API specifications for market participants – schemes, banks and processors – in the context of Open Banking. The Dutch Payments Association supports the view that open, purpose-built interfaces offer the best guarantee of secure and reliable communication through banking infrastructure between third parties and payment account holders.

Harmonised API specifications

By joining the Berlin Group, the Dutch Payments Association is strengthening its involvement in developing harmonised API specifications for both PSD2 ‘access to the payment account’ and future Open Banking services.