[Openid-specs-fapi] Common EU API for OpenBanking in PSD3?

[Chris Michael]

I don’t actually think there is any EBA / official mention of PSD3 - only some commitment to review PSD2. 

I’m not sure there will be a PSD3 not that one is needed at all. What is clearly needed is a complete rewrite of RTS - so an RTS2 would be the right outcome. Imo this should be based on

1. Setting out clear use cases (eg ECommerce payments, POS payments) which are either mandated or optional/premium APIs

2. Removing all the ridiculous constraints around 90 day reauth, and indeed the whole construct that this is a proxy for screen scraping the limited access via web platforms. 

3. Mandating SLAs which are needed to meet the above use cases.  

4. Mandating a common standard (inc FAPI, web authn, etc

5. Manding conformance and certification to the standard(s)





Chris Michael
Co-Founder and CEO
Ozone Financial Technology Ltd
www.ozoneapi.com   
+44 (0)7767 372277

> On 8 Jul 2022, at 09:24, Anders Rundgren via Openid-specs-fapi <openid-specs-fapi at lists.openid.net> wrote:
> 
> On 2022-07-08 10:07, Dave Tonge via Openid-specs-fapi wrote:
>> https://www.pymnts.com/bank-regulation/2022/eba-recommends-a-standard-api-for-open-banking-in-new-psd3/ <https://www.pymnts.com/bank-regulation/2022/eba-recommends-a-standard-api-for-open-banking-in-new-psd3/>
> 
> "would contribute to the development of the single EU retail payment market"
> 
>> I imagine this would end up being based on the Berlin Group standards, but I suggest that we start the job of promoting the importance of rigorous technical conformance tests as the only way to ensure interoperability of a "common API" .
> 
> I think it would be more useful making an effort combining Open Banking with the wallet concept since this what the Berlin Group tried, but probably failed with.
> 
> The wallet concept also powers P2P payments which is something Open Banking doesn't address at all.  It doesn't have to but the importance of P2P (and thus the wallet) shouldn't be ignored.
> 
> I would also be interested to get some feedback on how you see SPC.
> 
> Cheers,
> Anders
> 
> 
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