None of the tested bank APIs released by the 14 June deadline have met quality requirements of PSD2, according to new analysis by Tink.
The API developer is required to work with all bank APIs by the final deadline and is attempting to integrate with 84 APIs, which span 2,500 banks, 12 European markets and 90 per cent of consumers in the regions. However, it has found that none of them currently meet the requirements for integration.
Some of the banks are acknowledging Tink’s feedback and are working to improve their APIs. However, Tink believes there is a risk of “derailing the vision of PSD2 and compromising the experience of millions of consumers.”
There are only three months left until the final deadline of PSD2. Due to the market not being prepared, Tink feels there needs to be an extended transition period. This will ensure consumers can continue to use their current services and banks can take the necessary time to improve their APIs.
While the deadline is not far off, only 69 per cent of production APIs from all major banks in 12 markets are available, Tink claims. Even more worrying is that none can be integrated with.
In a company blog post, Tink said, “We believe the only way forward – when honestly facing up to the reality at hand – is for national authorities to create an extended transition period and encourage banks to provide a fallback mechanism, so third parties can continue to access data and deliver financial services.
“We know the banks want to provide high-quality APIs – and so do we. But we all need more time to get there. And third parties need to be able to continue providing the financial services on which they’ve built thriving businesses.”
