PRESS RELEASE – Berlin Group is offering support to new European payment schemes
The European market faces a multitude of payment methods that share comparable functionality but use different customer interfaces, creating implementation challenges (and related costs), especially for bank IT systems. Today, the Berlin Group announced in public that its PSD2 Open Banking standards already support new Open Finance schemes (e.g. EPC SPAA and giroAPI), and that additional leverage and support are offered to new payment schemes currently being defined, some of which aim to contribute to European sovereignty and autonomy (e.g. EUDI Wallet, Digital Euro). This makes integration of the new European payment schemes easy for banks and their users (a.o., corporates, SMEs, Fintechs, Third Party Providers). Reusing existing PSD2 investments and infrastructure will foster rapid market adoption of the new European schemes.
As a solid foundation for the industry, with ~80% European market coverage of implemented PSD2 Open Banking standards, Berlin Group is again leading the way on modern, interoperable, API-centric standards for Open Finance and the new European payment schemes. This is considered a substantial contribution to achieving full European sovereignty and autonomy in payments.
You can find the full text of the press release here.