Portugal has taken a major step towards Open Banking after local payments processor Sibs launched an API platform that brings together 24 financial institutions.
In a move to meet the PSD2 directive, the Sibs API Market gives third party providers (TPPs) access to 95% of bank accounts in Portugal, covering account information, payment initiation, and availability of funds.
Sibs says that platform has three features that make it stand out from European peers: it is based on a single standard, is available through a single link, and is supported by a specialised team.
The promise is that the platform acts as a hub that lets startups and other fintechs tap into bank data to provide consumers with new services, boosting competition while also offering opportunities for collaboration.
Madalena Cascais Tomé, CEO, Sibs, says: "This innovative, universal and cross-infrastructure in Europe represents a new cycle in payments and financial services history in Portugal. SIBS API Market development was a great challenge, but, above all, an opportunity."