Abstract
Open Banking enables the formation of digital ecosystems and reduces entry barriers for payment service providers from the fintech and non-banking sector. PSD II-compliant interfaces (APIs) to be implemented by account servicing payment service providers (ASPSPs) shall enable third party providers (3rdPP or TPP) to aggregate data, operations and transactions on online bank accounts starting from 14.9.2019 and thereby further foster opening of the banking sector (open banking). Access to accounts can be denied for objective reasons. The majority of the APIs was designed on the basis of the leading European standard framework of the Berlin Group with individual modifications. However, the requirements of the PSD II have not been fully met yet. Due to current technical obstacles the Austrian Financial Markets Authority (FMA) tolerates the account access methods used by third party providers until now in order to ensure frictionless working of payment services until all problems have been solved. Afterwards, third party providers shall only be allowed to use the designated PSD II API.
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