PSD2 and the benefits of open APIs

Providing value to customers in their online payments.

2007 saw the launch of the first European Payment Services Directive: the PSD. Its implementation was intended to consolidate a single online payment market within the European Economic Area that is simpler and safer for consumers. 

Already in 2015, and thanks to new technologies, an updated version of it was approved (renamed PSD2), which went into effect in 2019. This improvement seeks to continue with the work begun by its predecessor: unify the standards that regulate electronic payments and maximize their security

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One of the key points for achieving this goal came with the increased involvement in the market by TPPs, or third-party providers. To date, this involvement was limited due to the numerous obstacles they faced. Starting September 14, these barriers will be eliminated, which will result in greater competition thanks to the increased range of products on the market, with the ensuing benefit for consumers, who will have more options to choose from.

New payment methods

With PSD2, new electronic payment solutions will become available for both consumers and businesses. What benefits do they offer? Businesses will offer innovative payment methods to their buyers, and they will also have a more direct relationship with the customer's banking institution by reducing the number of intermediaries for each payment. 
How is this "new" communication carried out? This is the point where APIs (Application Programming Interfaces) come into play, which are used to facilitate communications between two applications when exchanging messages or data. An advance that has fueled the growth of companies like Uber and Airbnb, and which the financial sector is committed to as part of its own transformation process.
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API Market, the BBVA platform

BBVA's objectives are in keeping with the goals of the PSD2 regulation. In fact, after anticipating the path that markets would take and the resulting needs of consumers and businesses, and with the goal of satisfying both, in 2016 we opened our API Market to third parties. We are talking about an open API platform that allows companies to access financial solutions they can use for their own benefit, and even implement in their structure for the future. 

A wide variety of APIs that allow businesses to grow thanks to features such as, for example: forms that fill in known data on customers; access to segmented purchasing patterns; and being able to know a customers' balance in real time before offering them financing.

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