Baltic International Bank has launched a new API sandbox solution for Open Banking.
This API sandbox is a safe, isolated environment where third-party providers will be able to test their solutions for the financial sector. The bank will offer its sandbox will be released with two APIs, as in accordance with PSD2.
On 14 March 2019, the European directive PSD2 passed its first milestone which required financial institutions to ensure their open banking and API systems were live for external testing, to ensure everything is ready for the regulations final deadline in September.
The new service launched by the Baltic International Bank will enable new players in both payment initiation service providers and account information service providers to enter the market.
Baltic International Bank head of digital channel development Jānis Osis said, “As an integral part of our new Internet Banking project, Open Banking will serve as a platform for developing new products and services in the future.
“We will roll out the new Internet Banking facility at the end of summer 2019. It will offer the users new functionality, security enhancements and a wider array of services. Some of the major challenges facing the financial services enterprises today include moving towards modern digital opportunities and implementing appropriate solutions.”
Last month, the Netherlands Central Bank accepted applications for PSD2 licenses for third-parties interested in working with the bank.
Elsewhere in the world, Payments NZ released the first API standards for banks and third-parties to support the establishment of an open banking framework.
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