Six criteria for a great PSD2 API: the Tink checklist


It’s no wonder banks are struggling to build their PSD2 APIs when the regulation has been so unclear. While banks and third parties alike are still working hard to get everything up and running, it’s clear the APIs still need some work – and everyone needs guidance. So our integration experts made a checklist with six criteria to think about in the hopes of helping these APIs (and by extension open banking) succeed. 

The production APIs we tested in June lacked the quality and maturity they needed – and things haven’t gotten much better. In fact, many APIs still aren’t available, and the ones we’ve tested don’t meet the regulatory requirements for integration.

This is not only a problem for banks and third parties. The real risk is harming consumers by compromising the quality of services they’ve grown accustomed to, ultimately derailing the purpose and vision of PSD2.

With only one month to go, we know this isn’t a problem banks can solve alone. The APIs still need improvement, and an extended transition period will be needed to ensure there’s enough time to get everything up to the quality it needs – and the customers deserve.

It’s important to understand that this is about more than just a few technical issues that need to be solved. The APIs banks are providing now will be critical to ensuring the success of PSD2, and of open banking beyond that.

The work will not be done once we reach the September deadline next month. These APIs will need to keep improving over time. And there’s time for that. But for those who may be wondering “what does a great API look like?”, we got you covered. Here’s is your checklist with the six criteria it needs to meet:

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