Written by:
David Song, Principal, EU Personal Finance Policy, UK Finance

 


UK Finance, the Financial Data and Technology Association (FDATA), the Electronic Money Association (EMA) and techUK are today jointly publishing voluntary guidelines and encouraged market behaviours under PSD2, which we urge all industry players to adopt and integrate in to their own practices. These can be found here.

UK Finance has worked closely with the other industry bodies to produce this set of voluntary guidelines to increase customer protection around the practice widely termed ‘screen scraping’, which is used in the market as a method of accessing customer data or initiating payments on a customer’s behalf. This involves customers sharing their online banking login details to allow a third party to initiate payments or use their account information to provide services on their behalf.

The main aims of these voluntary guidelines are to foster a collaborative and cooperative industry ecosystem around account information services and payment initiation services, and to further boost customer protections.

The voluntary guidelines will help to move the industry towards the consistent use of APIs as per industry aims for the opportunities around open banking, which can deliver real benefit to the industry and help to serve customers better.

We therefore encourage all market players to work towards using the Open Banking API Standards as the basis on which secure Application Programming Interface (API) access to other payment accounts is provided in future. We also see that there are significant benefits for all parties in abiding by these voluntary guidelines.

A contacts list of pre-January 2016 firms including companies, trading names and key contacts will be published in early June. This list will contain names of businesses relying upon the pre-12 January 2016 grace period (otherwise called pre-January 2016 firms). Any businesses making use of this grace period are encouraged to get in touch to ensure they are reflected on this list by the 31 May 2018.

For more information on PSD2 please see UK Finance’s Frequently Asked Questions here.

UK Finance, EMA, FDATA and techUK publish voluntary guidelines for PSD2 to help better protect customers
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