Comply. Connect. Integrate.

Open banking enables ecosystem engagement by allowing banks, mandated by PSD3 regulation to share customer information, to act as third-party providers (TPPs) and benefit from open data themselves. By partnering with various service providers, banks can enrich their portfolios and offer unique, value-added services to their customers. This approach not only broadens the business ecosystem but also enhances interconnectivity within the developer community, fostering innovation and collaboration.

Since the introduction of PSD2 across the EU, the European Commission has been actively seeking feedback on the Digital Finance Strategy proposed in September 2020. In response to this ongoing dialogue, on June 28th, the European Commission (EC) unveiled a comprehensive set of measures aimed at modernizing payment services and improving access to financial information. Among these initiatives are PSD3 and the newly formulated Payment Services Regulation (PSR).

PSD3, or the Third Payment Services Directive, provides guidelines pertaining to the approval of payment institutions. On the other hand, PSR integrates elements from PSD2 while introducing new provisions to address emerging challenges and opportunities in the financial sector. Together, they serve as successors to PSD2, introducing various changes and enhancements to the regulatory landscape. One of the primary objectives of these proposals is to address existing challenges in data transmission processes within the financial sector and facilitate the flow of customer data by establishing a more robust framework for accessing financial information. These initiatives aim to foster innovation and competition while ensuring the security and protection of consumer data.

It is important to note that while directives like PSD3 require translation into the domestic legislation of member states, regulations such as PSR are uniformly enforced across the European Union. Anticipated to take effect between 2024 and 2025, PSD3 and PSR are expected to usher in a new era of regulation and compliance in the European financial services industry.

AISP (Account Information Service Provider) — provides account information services as an online service to provide consolidated information on one or more payment accounts held by a payment service user with one or more payment service provider(s).

PISP (Payment Initiation Services Provider) — A Payment Initiation Services Provider provides an online service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider.

TPP (Third Party Provider) — are organizations or natural persons that use APIs developer portal.

ASPSP (Account Servicing Payment Service Provider) — Account Servicing Payment Service Providers provide and maintain a payment account for a payer as defined by the PSRs. In the context of the open banking ecosystem, they are entities that publish Read/Write APIs to permit, with customer consent, payments initiated by third-party providers and/or make their customers’ account transaction data available to third-party providers via their API endpoints.

Open banking offers numerous advantages for market participants, stakeholders, and consumers.

For banks, it acts as a digital transformation catalyst, expanding their consumer reach and enabling collaboration with third-party providers (TPPs) to offer data-driven products and services. This not only reduces costs but also enhances competitiveness and service personalization. Banks also serve as gatekeepers, ensuring Payment Service Users (PSUs) have secure access to their data via interfaces and APIs, while gaining valuable insights into customer behavior.

For customers, open banking provides easier and faster access to financial services, with tailored journeys and personalized offers, ensuring their data is securely protected.

For third-party providers, it grants access to an established customer base and financial data, fostering innovative services and new revenue opportunities.

The Marketplace was created with a simple goal in mind: position our customers to profit from the collective power of Fintech.
Thanks to the DBEP concept, our banking customers can easily combine all the available services (Sopra Banking and partners) and benefit from the DBEP foundational services. Services like the Authentication Brokerage, Authorization Management, and API Portal to build a streamlined and secure combination of services.