[Openid-specs-fapi] ECB: On-line Payments Remain Fragmented

Anders Rundgren anders.rundgren.net at gmail.com
Sat Dec 7 08:13:12 UTC 2019

Dear WG members,

This recent speech by an ECB board member echoes what I have been saying for quite some time:

     "progress at the back-end has not translated into similar progress at the front-end, which
      remains fragmented, with no European solution emerging for point-of-sale and online payments"

Although not useless, FAPI does not address this problem. It is obvious that a more complete standard is needed in order to succeed.  I'm well aware of that this is out of scope for FAPI.

The regulators' hope that PSD2 and Open Banking would create a more "vibrant" payment market is based on a poor understanding of how things actually work.  Well, if Europe establishes a PISP monopoly or oligopoly there could be a solution but that seems like the opposite to what was promised.

Therefore I continue claiming that a decentralized TTP-less solution like the Open Banking Wallet (OBW) is more suited for creating an interoperable consumer payment market.  OBW though requires a [technically] minor patch in FAPI to succeed: https://cyberphone.github.io/openbankingwallet/adapting-open-banking-apis


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