Coventry Building Society opened its Payment Services Directive 2 (PSD2) testing environment or ‘sandbox’ in March.
The ‘sandbox’ gives Third Party Providers – who will be using recent innovations in open banking to provide new payment services – the opportunity to test applications that may revolutionise how customers do their banking in future.
Phil Boon, Head of Digital at Coventry Building Society, said: “As a simple and open organisation, it was really important for us to hit the 14 March deadline and open our testing environment, so we can be proactive with these regulations”.
“The new regulations really open up new ways of doing things, which should help consumers to manage their money better and help them achieve their financial goals. But to get there the Third Party Providers need to test the open APIs, otherwise services may be delayed and this Brave New World will remain tantalisingly out of reach.”
“Any Third Party Provider looking to test their APIs with us simply has to go to our Developer Portal at https://developer.coventrybuildingsociety.co.uk. We’re looking forward to seeing them!”