In a press release released today, the Group raised the issue: “how to organise efficient and future proof bank – third party (TPP) interaction under PSD2“.
The Group made it clear that “imposing an upgraded screen scraping is contradicting all of these objectives and should be rejected to the benefit of consumer protection, innovation and security.”
- the fact that, given the European Commission’s fall-back approach in its recent proposals to the EBA on screen-scraping, TPPs would have far greater access to customer’s financial data than is permitted and that such investment in this ‘fall back’ option would be a ‘waste’ of money. The EBA also strongly opposed the Commission’s proposals;
- that the use of APIs is the ‘way forward’ and discussed the EBA’s concessions and improvements made in response to the Commission’s proposals (see the EBA’s opinion here);
- the Group stated that even if these additional requirements represent significant additional burdens on banks, the Group would be willing to support them as it would represent a clear choice in favour of APIs, which they believe is the best way forward.