The EU Payment Services Directive, which has launched on September 14, includes PSD2 requirements for banks’ performance obligations for Open Banking.
Most banks have so far met these requirements to a minimum, however the importance to provide access to the necessary customer information for third party providers is well known.
Application programming interface (API) is an interface of several functions and detailed documentation that allows an application to connect to another system easily without knowing its internal operation.
Open Banking is an API collection that helps banks to communicate with each other and with third parties – to create digital financial services solutions that fit to individual needs and user situations.
The quality of APIs is not negligible -if the documentation is more detailed, it provides better security and functionality. The majority of domestic banks have an average performance level containing 6-8 APIs, which mainly include the PSD2 API requirements: account information and payment initiation features.
Peak is one of the first fintech providers of digital banking solutions in Central and Eastern Europe and has been using APIs for communication between IT systems from the beginning. Peak released its own REST API set with 38 APIs for easy integration and usage.
The Peak Open API Portal goes beyond traditional banking solutions to automize business and financial operations and integrate Peak LiteBanking Platform functionality. Beside the account information and payment initiation, there are APIs for customer onboarding, account opening, card ordering, locking and blocking, and sharing of card features. In a short time, push-notification features will be also public.
To make it easier to work with the APIs, Peak has opened its own Sandbox, where after a 1-minute registration, a test account is created that simulates the live environment.
The sandbox is a controlled, separate physical or virtual environment that allows API testing with test data.
Peak is not only for developers, end users can also register and try out the test version of PeakWallet web application, so you do not need to become a client to test the system.
