The revised Payment Services Directive (PSD2) came into force in January 2018. PRETA Open Banking Europe has been launched to support Payment Service Providers (PSPs) and Third-Party Providers (TPPs) in meeting requirements set by PSD2 for enabling them to connect with PSU Bank Accounts.
PRETA's Open Banking Europe Directory provides a single & compliant source of standardised information about active Regulated Entities that can act as a services provider for a given role within allowed jurisdiction inside Europe. PRETA consolidate data received from 31-member states National Competent Authority Registers for regulated entity role and status.
Under PSD2, Account Servicing Payment Services Providers (ASPSPs) are obliged to allow Payment Service Providers (PSPs) with the appropriate payment services authorisations to access their customer accounts and to prevent access to any organisation without these authorisations. Any failure to properly authenticate these PSPs will risk unauthorised transactions or unauthorised data sharing and later claims under PSD2, or the General Data Protection Regulation (GDPR).
But above require each ASPSPs to have a copy and real-time data from PRETA Directory to validate the TPPs status as a regulated entity. One approach is all ASPSPs can have the direct connection to PRETA and collect all the data required, but this may not be a feasible approach for all ASPSPs provided implementation complexity and cost. Alternatively, ASPSPs can connect to Banfico OBEaaS and validate the TPPs status in real-time. ASPSPs can register for service online and get security credentials to invoke the TPP validation API.