About Open Banking Europe (OBE)

The second Payment Services Directive (PSD2) comes into force in January 2018, at which point all PSPs will have to ensure that they individually comply with the PSD2 and the European Banking Authority’s Regulatory Technical Standards. Many experts believe that the industry will in addition be expected to organise itself to make sure that the implemented solutions are interoperable.

Following the stakeholder consultation started in 2016 to determine industry requirements, PRETA has launched a project to build a PSD2 directory solution to support market actors in meeting the PSD2 access-to-account provisions.

Please read our latest press release and presentation.


Over the past months John Broxis, MD of PRETA, has been working with the European Telecommunications Standards Institute (ETSI) through their Electronic Signatures and Infrastructures working group (ESI) to help them understand the requirements for PSD2 eIDAS certificates. This work has taken place in liaison with the ERPB PIS WG’s “Identity expert group” of which John is co-chair along with Chris Boogmans, of Isabel. They were supported by Chris Kong, lead consultant on PRETA’s Open Banking Europe initiative.

At the ETSI plenary in Nice this week, two items were approved and have now been made publicly available:

a) A discussion document that describes the purpose of qualified certificates, and the processes around issuing them. Read the document here.

b) A new work item to standardise the elements of the Qualified Certificates required for PSD2. Read the document here

The requirement to use Qualified certificates comes from the draft Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication, and governs the security between an ASPSP and TPPs in a PSD2 open banking context.

This is new ground, as the regulatory agency of the banking industry has created requirements that impact the work of the digital and security context of the Electronic Identity and Signature (eIDAS) regulation, which applies from June 2016.
In this Webinar, John Broxis, Managing Director of PRETA, will explain the Open Banking Europe (OBE) initiative launched by PRETA, and how it fits into the PSD2 landscape. This Webinar is designed to be the first in a series which will introduce the key concepts necessary to understand PSD2 and how the PRETA directory fits into those concepts.

When? 19th September at 2 pm CET.
Register here.
PRETA launched today a project to deliver a pan-European directory providing relevant information on account-servicing PSPs (AS-PSPs) and TPPs for access by the latter to payment accounts. Following the working group started in April with relevant financial institutions, this projects aims to meet the need of the market for an appropriate directory service. This will be a multiphase and modular work and will bring to a compliance driven solution providing direct but controlled access to account services with a European reach.

Read the Press Release here.
Read the latest presentation here.
As part of the ongoing consultation, PRETA has started a working group with 15 financial institutions from 12 countries to discuss PSD2 Directory requirements. The working group intends to enable a deep-dive analysis on PSD2 in order to design and provide a compliance-driven Directory to support PSPs and TPPs in meeting the PSD2’s access-to-account provisions.

PRETA has a strong expertise on the PSD2 subject matter thanks to the participation in several Pan-European initiatives such as ERPB’s Working Group on Payment Initiation Services, the Berlin Group, the UK Open Banking PSD2 Liaison, the Euro Banking Association’s Open Banking Working Group and the Open Forum on Open Banking.
Ecommerce Europe has set up a Payments Experts Taskforce whose goal it is to:

- Advise national associations and the e-Payments Working Committee on highly technical issues (i.e. consultations, amendments, etc.), market trends and possible future challenges;
- Assist Ecommerce Europe in translating market trends to current and future challenges and/or opportunities;
- Assist Ecommerce Europe in formulating the agenda for the European Institutions; and
- Create a technical link to the Euro Retail Payments Board (ERPB) and other stakeholder groups.

The kick-off meeting was held in Leipzig on 9 March 2017 to discuss the European Banking Authority’s regulatory technical standards on Strong Customer Authentication and how new technologies in online payments can increase conversion in e-commerce.
The 16th edition of the European Payment Summit is going to take place on 8th and 9th March. PRETA, the company that owns and manages MyBank will join the event on both days.

8th March at 15.15

John Broxis, Managing Director of PRETA, will participate to the track session dedicated to the PSD2 XS2A: State of play on RTS, API, ERPB WG and other acronyms.

After starting a stakeholder consultation in order to help payment service providers (PSPs) achieve PSD2 compliance and investigate solutions that would help provide security and compliance while minimising fragmentation, PRETA has acquired a deep expertise.

The track session will focus on:

– First reflections and role of ERPB
– The implementation: ‘testing the water’
– Cases: API’s: Access-2- Account break-throughs

To join the event, a registration code is offered to benefit of 30% discount -> EBA30.

Register here
Following the consultation started in August, the EBA has published the “Final draft on the Regulatory Technical Standards for requirements on Secure Customer Authentication and common and secure communication under PSD2.

These RTS will now undergo a review by the European Commission and if accepted will be handed to the European Paliamanet for approval. Once approved they will be effective 18 months later.”

More information here
The Open Banking group has made available the first APIs for requesting and receiving information on Public data such as the location of ATM’s.

This is the first part of a larger deliverable that will be expanded to services handling personal data such as account information inquiries.”

More information here
As part of the ongoing consultation support of harmonised PSD2 services, PRETA has joined the Berlin group’s standardisation of PSD2 Access to Bank Accounts initiative.

The work aims to provide a standardised framework for public consultation in Q2 2017.”

More information here
The UK banking industry (and in particular the largest 9 retail banks) has been tasked by the Competition and Markets authority to develop a set of API’s to promote competition and foster innovation. This work has many parallels with the PSD2 Access to account provisions.

The purpose of PSD2 advisory group is to support the work of the UK Competition and Markets Authority Implementation Entity deliver Open Banking. In particular the PSD2 AG has the objective of achieving alignment between the scope of Open Banking and PSD2 and wherever possible to ensure that the solution for Open Banking will align with PSD2 and the Regulatory Technical Standards of the European Banking Authority.”

More information here
In acknowledgement of the strong track record in delivering collaborative solutions to the industry, and their experience in providing MyBank, PRETA has been asked to join the ERPB Working Group on Payment Initiation services.

This group has been formed at the 6th ERPB Working Group, with the aim of “Preparing a report for the June 2017 meeting covering the technical, operational and business requirements needed for the provision of efficient and integrated PIS services.”

More information here
PRETA was present in Geneva, discussing with banks, service providers and other financial institutions the impacts of PSD2 on their operations, and what solutions are needed to support Banks and Fintechs to achieve the regulatory aims of the PSD2 access to account provisions. To support and further develop the discussion on Open Banking at a pan-European and cross-industry level, the Board of the Euro Banking Association has decided to initiate an Open Forum on Open Banking. This forum addresses all interested business parties. It is aimed at fostering a practitioners’ dialogue amongst the financial industry players at a pan-European level on relevant developments and challenges, such as security, interoperability and fragmentation with regard to Open Banking.

PRETA has been invited to participate and describe directory solutions needed for PSD2.

More information here
On the 28th November, at the sixth meeting of the Euro Retail Payments Board, the EPRB published a note on Payment Initiation services, highlighting the potential problems of interoperability and stressing the need for a certain level of harmonisation around key elements relating to technical, operational and business areas. At this meeting they agreed that an ERPB working group on Payment Initiation services should be created, that will report back at their next meeting in June.
PRETA was present in Geneva, discussing with banks, service providers and other financial institutions the impacts of PSD2 on their operations, and what solutions are needed to support Banks and Fintechs to achieve the regulatory aims of the PSD2 access to account provisions. This area is increasingly seen as one where collaborative solutions are needed, although the levels of uncertainty as to what needs to be delivered are still high.

More information here
The EBA has published the “Consultation Paper on the Regulatory Technical Standards for requirements on Secure Customer Authentication and common and secure communication under PSD2.

Link to the document here.
Last week, PRETA ran three webinars to explain their activities in supporting Banks and TPPs to implement PSD2. Over 100 participants from banks, banking associations, schemes, fintechs, consultancies, service providers associations, joined to listen and raise questions on the topic.

There is a broad consensus now that a PSD2 Access to Account will require a collaborative approach from the industry, and that many players will take a role in this space, from the ERPB to the service providers, to the national associations.

The webinars are part of an engagement exercise that seeks to find out whether there is a demand for PRETA to provide a PSD2 Compliance solution for Access to the Account, which helps all parties reduce costs and provide the security and certainty required to make Payment Initiation Services and Account Services work across Europe.

In the introduction it was highlighted that PRETA through its EBA CLEARING culture has a competence in this field to deliver efficient, reliable solutions within the collaborative space that work throughout Europe. As a matter of fact, PRETA has already delivered a solution that links together over 250 banks in six different countries, with MyBank.

There were many questions around exactly what the solution would look like, especially relating to the idea of API’s, the need for a robust directory service that would help ASPSPs recognise TPPs, and help TPPs find ASPSPs for the benefit of their relevant customers.

For next steps, PRETA will hold a “Virtual Table” where we can

- Invite comments and feedback on what has been said so far;
- Study the RTS when they are published, as well as the ongoing discussions that will occur among other industry level organisers and stakeholders;
- Publish updates periodically;
- Call for another round of Webinars in late September.

The download the presentation used during the webinars click here
Recently PRETA (a subsidiary of EBA CLEARING and the solution manager for MyBank) has announced that it is studying whether we should start providing services aimed at facilitating compliance with PSD2 Access to account (XS2A). To read the press release click here.

In order to explain our position we will run a series of short information sessions via Webinar on the dates below.
Each information session will last 90 minutes and will cover:

- A short welcome
- PSD2 tequirements for XS2A
- The PRETA initiative
- Q & A

The following dates are planned:

- Wednesday, July 27, 2:00 PM
- Friday, July 29, 2:00 PM
Today, PRETA S.A.S, the company that owns and manages MyBank, announced that it will start investigating the requirements of the financial industry for a compliance-driven solution to meet the PSD2’s access-to-account provisions.

The wholly owned subsidiary of EBA CLEARING has started a stakeholder consultation in order to better understand which services could be provided to help payment service providers (PSPs) achieve PSD2 compliance and optimally implement the requirements to provide authorised third parties with access to the customer accounts they service.

To read the press release click here.