What is the PSD2 directive and what does it provide for?
The PSD2 framework (Payment Services Directive 2) is the new Payment Services Directive, which was incorporated into Greek Law by force of L. 4537/2018.
The objective of Directive 2015/2366 / EU is the enhancement of the security and speed of electronic transactions and the regulation of new payment services. Cross-border transactions are facilitated so as for the services provided to be more transparent and secure for users and to enhance competitiveness and innovation. The provisions of the Law apply to payment services provided within the European Economic Area (EEA).
Banks are called on to adapt their systems and terms of service to the new provisions of L. 4537/2018, in order to serve the customers with innovative and secure electronic solutions.
According to PSD2, banks will provide APIs to Third Party Providers (TTPs), such as FinTech companies, application makers and startups, allowing secure online banking communication and certification.
What are APIs
The API technology (Application Programming Interface), provided through the Attica Bank API Portal, allows data sharing, such as account information and payment initiation services.
Who are APIs for
They are addressed to TPPs (Third Party Providers) such as:
- AISPs (Account Information Service Providers) - These are providers of customer financial data collection services, from different banks in one location.
- PISPs (Payment Initiation Service Providers) - These are digital service providers for direct money transfer between originator (payer) and payee accounts.
The cooperation between banks and TPPs permits the enhancement of customers’ experience to bring them significant benefits:
- Enhanced data protection.
- Greater security in online transactions.
- Access to innovative products and services.
Customers have the right to choose the TPP they want to work with. TPPs should ensure the explicit consent of customers before gaining access to their data.
What is the Attica Bank API Portal?
In compliance with what is provided for in PSD2, Attica Bank has developed developer.atticabank.gr which is Attica Bank's API Portal and invites developers, FinTech companies, StartUps and any certified application developer interested in open banking activities, to sign up and check Attica Bank's API technology in a Sandbox test environment.
Attica Bank API Portal is fully operational from 24.05.2019.