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Thanks for sharing the analysis. I agree that the two standards are quite closely aligned which is great for the TPPs, however I am interested in your thoughts on the message formats. Offering the multiple formats for FIs to choose which they prefer could
significantly complicate the integration effort and consistency for TPPs, potentially making the directive a significant overhead rather than driving the innovation it desires. Possibly an opportunity for aggregators?
Hi Rakesh - thanks for your comment. From my point of view, the options of multipe payment and account information formats and banks choosing one of those might lead to less standardisation for developers indeed. Aggregators could of course tap into this
and offer aggregation services consolidating the different formats to one single API standard format. But the Berlin Group Standard should be published soon after its market consultation and let's see what are the results - I will keep the community updated
Global Open Banking Lead, Advisors
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This post is from a series of posts in the group:
Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.