Open banking API provider truelayer expands to Germany
10 de Enero, 2019
Tiempo estimado de lectura: 3 minutos
UK-based TrueLayer is expanding to Germany to provide Deutsche Bank, Sparkassen, Commerzbank, and other major banks in the country with data-sharing application programming interfaces (APIs)
At the start of 2018, PSD2 in Europe and Open Banking in the UK came into force, mandating banks to share financial services data at their customers’ request with third-party providers. While these regulatory mandates are aimed at increasing competition by allowing fintechs and other financial institutions (FIs) to tap into banks’ huge swath of customer data, integrations with multiple banks and FIs through APIs can be extremely tedious and time-consuming.
TrueLayer solves this paint point through its Data API, which provides a single API to help FIs comply with PSD2 and Open Banking regulations, while offering fintechs and others a unified portal for integrations.
While open banking continues to gather momentum in Europe and the UK, as well as other major geographies globally, retail banks where regulators are mandating it continue to struggle to understand their compliance requirements. With regulatory pressure building up, TrueLayer’s expansion to Germany is likely to gain significant traction, as both fintechs and incumbents lean on its solutions to comply with and take advantage of open banking.
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