The Swedish FinTech startup, Open Payments Europe provides a PSD2-compliant infrastructure platform that will offer users a single, open and secure point of access to the diverse bank APIs throughout the EU.
Open Payments Europe is now launching its own developer portal and sandbox environment, where third-party application developers can create PSD2-compliant applications. The launch, an industry first in the Nordic region, coincides with the Swedish adoption of PSD2.
On May 1, 2018 the second Payment Services Directive (PSD2) was adopted into Swedish law. During the ongoing transition period banks have 18 months to comply with the directive in addition to related technical standards for strong customer authentication and common and secure open standards of communication.
“PSD2 is the beginning of a disruption in the financial industry that will fundamentally change how we use financial services. For the most part, European banks are developing individual API-standards, which means that third-party developers will need to integrate with possibly hundreds or thousands of different APIs throughout the EU to be able to fully leverage the opportunities under PSD2. Our infrastructure platform will provide the solution, helping to make Open Banking a reality for e-commerce platforms, PFM applications, POS and B2B systems” Says Jonas Kjellin, Co-Founder and CEO of Open Payments Europe.
“Application developers see the opportunity that PSD2 creates but want to focus their resources on adding value to the actual end-users of their applications, not on API integration. This makes API aggregation and Open Payments’ infrastructure platform a critical consideration as well as a competitive advantage for application developers” Jonas continues.
“The launch of our developer portal is an important first step to help developers prepare for PSD2. We continuously integrate with new beta versions of bank APIs as soon they become available and provide support for some proposed standards including UK Open Banking, STET and NextGenPSD2. As soon as the transition period is over, we will be ready to go live.” Jonas ends.