Through PSD2, developers will be able to build on top of the challengers bank's APIs.
Leading challenger bank Metro Bank is pressing ahead with its PSD2 plans.
Today, the bank opens it developer portal, which will allow FCA-registered third-parties to build services on top of its APIs, leveraging customer data to give both consumers and businesses new tools for managing their money. But customers will need to grant those third-parties consent before their data can be accessed.
Third parties that are not authorised by the regulator can nonetheless request access to Metro’s ‘PSD2 API documentation and sandbox’, allowing them to test simple API queries and return sample data.
A Metro spokesperson told AltFi that this will give developers an idea of what format the data will be made available in and allow them to begin work on prototypes while they await authorisation.
Craig Donaldson (pictured), CEO at Metro Bank, said in a statement: “PSD2 has the power to shake up UK banking and inject more competition and choice into the market. By working with market-leading Apigee API management, our developer portal will provide third parties with the building blocks they need to develop even more products and services to help make customers’ lives easier. I’m excited to see how APIs are leveraged; I genuinely think it will be transformational.”
Metro’s PSD2 API is closely aligned with the standard of the Open Banking Implementation Entity. The bank says it has already launched an Account Information Service (AIS) and will unveil a Payment Initiation Service (PIS) soon.
Metro Bank is not yet large enough to be subject to Open Banking standards, as Great Britain’s nine biggest banks and building societies (the ‘CMA 9’) are.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.