National competent authorities will play a critical part in Access to Account. They register and authorise the players. They publish registers that will be used both by QTSPs to make decisions on issuing certificates, and by the financial industry to check whether other parties are authorised. They are responsible for supervision.
As the PRETA directory is fed from the National Competent Authority registers, NCA’s will be given access to the directory to give them the same the view that the industry has.
The ASPSPs are working together to create shared infrastructure to support access to Account. The first element, being a directory. This is a market led initiative where the community is working to Define, Design and Deliver the challenges faced and the solutions needed.
The core benefit of the directory is that it provides a machine readable, updated list of authorised parties via a single API.
If you would like to participate in the working groups, get access to the directory and test the API, then come and join us.
I have found the PRETA OBE initiative a productive and informative engagement to date. It has crystallised the extent to which we need infrastructure at an EU level to ensure that we can open up PSD2 Access to Account in a safe, secure and efficient way. We have identified the challenges that need to be addressed in terms of having access to standardised TPP registers, as well as facilitating API access in a real-time automated manner to ensure that e-commerce and new business models are supported in the digital world.
Participating in the PRETA initiative not only contributes to solving a substantial element of PSD2, but also has been beneficial on clarification of many related topics of this regulation.
PRETA has identified and successfully initiated work around required infrastructure for PSD2 that will benefit all European payment service providers including SEB.
The Preta initiative is a great way of solving common challenges in a harmonized PSD2 ecosystem.
Preta OBE will be a key player in the PSD2 landscape.
Consumers will be able to access their data and initiate payments in new ways thanks to the services of newly regulated account information service providers, and payment initiation service providers, collectively known as TPPs.
The Open Banking Europe Directory will support Third Party Providers by providing standardised operational data to facilitate their work.