<div dir="ltr"><div class="gmail_default" style="font-family:"trebuchet ms",sans-serif">Dear FAPI Working Group</div><div class="gmail_default" style="font-family:"trebuchet ms",sans-serif"><br></div><div class="gmail_default" style="font-family:"trebuchet ms",sans-serif">As discussed on the call, here is the latest information we have on the RTS:</div><div class="gmail_default" style="font-family:"trebuchet ms",sans-serif"><br></div><div class="gmail_default" style="font-family:"trebuchet ms",sans-serif"><blockquote type="cite" style="font-family:arial,sans-serif;font-size:12.8px"><div class="gmail-m_5119645816753680022gmail-m_7159559134696043123WordSection1"><p class="gmail-m_5119645816753680022gmail-m_7159559134696043123MsoListParagraph"><span style="color:rgb(31,73,125)">1.<span style="font-stretch:normal;font-size:7pt;line-height:normal"> </span></span><span style="color:rgb(31,73,125)">RTS is in the final stages of approval by EC – expected early Nov (effective date likely to be Sept 2019). On screen scraping (known as the fall back option) the draft EC proposal is that PSP firms will be able to seek a regulatory exemption, to be granted by the competent authority, to avoid having to supporting screen scraping at all. To obtain an exception will require a vetting process based upon at least the following criteria:<u></u><u></u></span></p><p class="gmail-m_5119645816753680022gmail-m_7159559134696043123MsoListParagraph" style="margin-left:72pt"><span style="color:rgb(31,73,125)">a.<span style="font-stretch:normal;font-size:7pt;line-height:normal"> </span></span><span style="color:rgb(31,73,125)">The APIs are technically PSD2/RTS compliant<u></u><u></u></span></p><p class="gmail-m_5119645816753680022gmail-m_7159559134696043123MsoListParagraph" style="margin-left:72pt"><span style="color:rgb(31,73,125)">b.<span style="font-stretch:normal;font-size:7pt;line-height:normal"> </span></span><span style="color:rgb(31,73,125)">They are available 3 months ahead of implementation<u></u><u></u></span></p><p class="gmail-m_5119645816753680022gmail-m_7159559134696043123MsoListParagraph" style="margin-left:72pt"><span style="color:rgb(31,73,125)">c.<span style="font-stretch:normal;font-size:7pt;line-height:normal"> </span></span><span style="color:rgb(31,73,125)">They have been market tested<u></u><u></u></span></p><p class="gmail-m_5119645816753680022gmail-m_7159559134696043123MsoListParagraph" style="margin-left:72pt"><span style="color:rgb(31,73,125)">d.<span style="font-stretch:normal;font-size:7pt;line-height:normal"> </span></span><span style="color:rgb(31,73,125)">They adhere to specific performance criteria<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125)"><u></u> <u></u></span></p><p class="MsoNormal" style="margin-left:36pt"><span style="color:rgb(31,73,125)">The EC also proposes that the ERPB (European) industry group on APIs, that I established and which I co-chair, could, de facto, become the industry group to ‘vet’ APIs with support and active participation by EC (DG FISMA and DG COMP) and including the national competent authorities (like FCA). This is a very significant and incredibly positive development as the EC is effectively saying </span><span style="color:rgb(31,73,125)">that they</span><span style="color:rgb(31,73,125)"> want to ‘bless’ industry to guide </span><span style="color:rgb(31,73,125)">them</span><span style="color:rgb(31,73,125)">, the regulators,</span><span style="color:rgb(31,73,125)">to </span><span style="color:rgb(31,73,125)">get this right.<u></u><u></u></span></p><p class="MsoNormal" style="margin-left:36pt"><span style="color:rgb(31,73,125)"><u></u> <u></u></span></p><p class="MsoNormal" style="margin-left:36pt"><span style="color:rgb(31,73,125)">Therefore</span><span style="color:rgb(31,73,125)">, the</span><span style="color:rgb(31,73,125)"> OB PSD2 APIs would conceivably have to go through this vetting and approval process, which illustrates the importance of aligning our PSD2 roadmap assumptions based on the direction set at European level</span><span style="color:rgb(31,73,125)">. This</span><span style="color:rgb(31,73,125)"> will help to </span><span style="color:rgb(31,73,125)">avoid </span><span style="color:rgb(31,73,125)">divergence between standards at </span><span style="color:rgb(31,73,125)">the</span><span style="color:rgb(31,73,125)"> national level. <u></u><u></u></span></p><p class="MsoNormal" style="margin-left:36pt"><span style="color:rgb(31,73,125)"><u></u> <u></u></span></p><p class="gmail-m_5119645816753680022gmail-m_7159559134696043123MsoListParagraph">2.<span style="font-stretch:normal;font-size:7pt;line-height:normal"> </span><span style="color:rgb(31,73,125)">There have been some question</span><span style="color:rgb(31,73,125)">s </span><span style="color:rgb(31,73,125)">recently about the redirection model for PSU authorisation a</span><span style="color:rgb(31,73,125)">nd</span><span style="color:rgb(31,73,125)"> whether it is PSD2 compliant. Directionally</span><span style="color:rgb(31,73,125)">,</span><span style="color:rgb(31,73,125)"> the EC supports the view that “APIs must support all authentication procedures provided by the ASPSP to the PSU</span><span style="color:rgb(31,73,125)">,</span><span style="color:rgb(31,73,125)"> but <u>must not require the TPP to have to use the redirect option</u>”. Strictly speaking</span><span style="color:rgb(31,73,125)">,</span><span style="color:rgb(31,73,125)"> the EC is not banning redirection, but it does support the view that a TPP should not have to be forced to use it</span><span style="color:rgb(31,73,125)">. </span><span style="color:rgb(31,73,125)">Logically therefore</span><span style="color:rgb(31,73,125)">,</span><span style="color:rgb(31,73,125)"> it cannot be the only option available. The EC also supports the view that the TPP must be “free from constraints to innovate the design of the user interface for the PSU’s consent and authorisation journey for both PIS and AIS”. Within the ERPB API group we agreed yesterday in Brussels to go into detail on this topic to define what is acceptable based on the three methods of redirect, pass</span><span style="color:rgb(31,73,125)">-</span><span style="color:rgb(31,73,125)">through and embedded. The objective is to set </span><span style="color:rgb(31,73,125)">a</span><span style="color:rgb(31,73,125)"> ‘bar’ of acceptability to be blessed by the EC as a one of the criteria by which to ‘vet’ API standards for conformity with PSD2/RTS.</span></p></div></blockquote></div><br clear="all"><div><br></div>-- <br><div class="gmail_signature"><div dir="ltr"><div><div dir="ltr"><div dir="ltr"><div dir="ltr"><div style="font-size:1em;font-weight:bold;line-height:1.4"><div style="color:rgb(97,97,97);font-family:"Open Sans";font-size:14px;font-weight:normal;line-height:21px"><div style="font-family:Arial,Helvetica,sans-serif;font-size:0.925em;line-height:1.4;color:rgb(220,41,30);font-weight:bold"><div style="font-size:14px;font-weight:normal;color:rgb(51,51,51);font-family:lato,"open sans",arial,sans-serif;line-height:normal"><div style="color:rgb(0,164,183);font-weight:bold;font-size:1em;line-height:1.4">Dave Tonge</div><div style="font-size:0.8125em;line-height:1.4">CTO</div><div style="font-size:0.8125em;line-height:1.4;margin:0px"><a href="http://www.google.com/url?q=http%3A%2F%2Fmoneyhubenterprise.com%2F&sa=D&sntz=1&usg=AFQjCNGUnR5opJv5S1uZOVg8aISwPKAv3A" style="color:rgb(131,94,165);text-decoration:none" target="_blank"><img alt="Moneyhub Enterprise" height="50" src="http://content.moneyhub.co.uk/images/teal_Moneyhub-Ent_logo_200x50.png" title="Moneyhub Enterprise" width="200" style="border: none; padding: 0px; border-radius: 2px; margin: 7px;"></a></div><div style="padding:8px 0px"><span style="color:rgb(0,164,183);font-size:11px;background-color:transparent">10 Temple Back, Bristol, BS1 6FL</span></div><span style="font-size:11px;line-height:15.925px;color:rgb(0,164,183);font-weight:bold">t: </span><span style="font-size:11px;line-height:15.925px">+44 (0)117 280 5120</span><br></div><div style="color:rgb(97,97,97);font-size:14px;font-weight:normal;font-family:lato,"open sans",arial,sans-serif"><font color="#00a4b7"><span style="font-size:11px;line-height:15.925px"><br></span></font><div style="color:rgb(51,51,51);line-height:1.4"><span style="font-size:0.75em">Moneyhub Enterprise is a trading style of Momentum Financial Technology Limited which is authorised and regulated by the Financial Conduct Authority ("FCA"). 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