Our clients always want to know how they are tracking against their competitors on regulatory deadlines. This question has come up recently in relation to open banking. Helpfully, online tools are emerging to track the progress of European financial institutions implementing their PSD2 obligations in real time.
This is one example of these tools. It is open banking focussed and highlights where institutions are at in implementing their APIs.
As was recently reported, 41% of banks missed the most recent (March) deadline. This continues the trend of the January deadline.
Of course, the September deadline for the implementation of the regulatory technical standards on secure customer authentication is still some way off, but getting up and running early is imperative for anyone wanting an exemption from the potentially onerous "contingency measures" required where providing a dedicated AISP/PISP interface.
Open Banking Tracker: Tracking banks in their journey to PSD2, and Open Banking compliance