Beginning with a three-month test phase, third-party service providers can now access the interfaces of more than 3,000 banks across the EU.
UBS is providing this direct access to third-party providers as part of the European Revised Payment Service Directive (PSD2) open banking regulation.
The result UBS’ open banking effort is a dedicated sandbox for third-party service providers, which allows them a testing entry into UBS’ API functionality in accordance with PSD2 for Austria, Germany, Spain, France, Italy, Luxembourg and UK.
The offering includes a rich developer portal, test environment and sandbox interfaces.
Working on these offerings with UBS is NDGIT, a Munich-based API-banking platform that allows full PSD2 compliance.
Its PSD2 standard software is used by more than twenty banks throughout Europe, using technologies such as REST (REpresentational State Transfer), SOAP (Simple Object Access Protocol) and OAuth2 (Open Authorization), the solution was designed to be integrated into the backend systems of the banks.
Featured image via Wikimedia Commons