Fabrick - the first player based in Italy with the aim of promoting open banking by defining new business models and banking services - confirming its technological leadership, is among the first European companies to present two "ready-to-use" solutions for the implementation of the so-called "Fallback solution", as a contingency mechanism for the access to accounts in case of API default.
This is the last important step for the reconfiguration of systems by Banks, Payment Institutions and Electronic Money Institutions throughout Europe due to the PSD2 regulatory provisions, which will become effective on September 14th.
The "fallback solution" is the emergency interface that intervenes if technical problems occur in accessing data through APIs by Third Party Providers. Essentially, a back-up solution consisting of the possibility of accessing data for the entire period in which accesses via API are not available or do not comply with the quality levels expected by financial operators.
The implementation of this emergency system is foreseen by the Regulatory Technical Standards (RTS) issued by EBA. Exemptions from the implementation of said backup, granted by national competent authorities, are allowed where specific quality and security standards of the API are met. Exemptions that, however, can be revoked if the interfaces, KPIs and target service levels uphold the periodic checks by the National Competent Authorities. Therefore, the importance of an alternative contingency back up system which is both effective and performing, is self evident.
Paolo Zaccardi, CEO of Fabrick, states: "We are in a moment of great change: the banking world is entering a new era. Customer information will be made available to third parties, new competitive challenges will open up that will bring added value to the end-user and great opportunities for those operators who decide to ride the wave of change with an active approach in identifying new partners and services. To do this we need a strategic vision, but also require to be rapid in responding effectively to the demands of the legislation. In this context, our fallback solution services represent a winning element for operators to meet the needs of developing a backup interface, reducing the complexity of adapting to regulatory requirements. Our mission is to support, encourage and facilitate all the European realities involved in the PSD2, both in technological and cultural terms so that they can take advantage of all the opportunities offered by open banking."
The two options for a "fallback solution" by Fabrick are:
• TPP Directory API, designed for banks that want to implement an in-house fall-back solution. Fabrick provides a set of APIs that can replicate a daily updated log that brings together TPPs across Europe. A detailed directory, complete and constantly updated with all the information relating to the subjects and necessary to authenticate and authorize the TPP and the Banks starting from the eIDAS certificate. These APIs provide a Unique Reference Number of the institution, the role (AISP, PISP or PIISP) and countries in which the TPP / bank is authorized to operate.
• TPP Gate, allows you to entrust the identification and authorization processes directly to Fabrick: Fabrick creates a customized endpoint for the single ASPSP for emergency access, validates the certificate and redirects the TPP to the home banking. In this case, the bank only has a specific API in order to download the generated identification information.