As part of PSD2, the European Banking Authority’s (EBA)
Regulatory Technical Standards (RTS) requires banks offer a testing platform to
financial application developers by March 2019.
STET decided to develop a standardized open-access API and companion testing platform to enable banks and fintechs to meet regulatory and legal requirements, ensure smooth integration between apps and bank infrastructure and expedite time to market for new services. To achieve this world-first initiative, STET needed:
- A partner engrained in the financial services market that was familiar with test plan creation and the technical requirements of the RTS.
- A partner who was well-established and flexible enough to deliver the test plan within a tight timeframe and in collaboration with a number of other players.
- A test plan that can be easily integrated into a testing environment to meet evolving regulatory requirements and address the needs of markets across Europe.