Abstract
European regulators have promoted increased innovation and competition in the retail payments market and now require banks to allow third-party providers access to online accessible bank accounts (XS2A). Based on the legal requirements and differences in national jurisdictions, the Berlin Group NextGenPSD2 has stipulated that pan- European XS2A interoperability requires harmonised standards and an open governance model for the creation of such standards. This paper describes the background and details of the harmonisation achieved within the NextGenPSD2 Framework, as well as implementation coverage and future evolution of this framework. The authors argue that the harmonised technical standardisation offered by NextGenPSD2 will help European market players to build new use cases, business models and schemes.
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