UBS opens its interfaces for fintech providers in various European countries. However, the step is not entirely voluntary.
With the support of Munich-based Ndgit, UBS has opened a “sandpit” where third-party vendors have been able to romp around since 14 March to rehearse the connection to the big bank. This was taken from a message from Ndgit on Thursday.
The sandbox is part of the European Payment Services Directive
The sandbox is part of the European Payment Services Directive (PSD2) Roadmap, which requires more than 3,000 EU banks to gradually open interfaces (APIs) for their IT to third parties. The spectrum includes inquiries about account information and coverage as well as payment initiation for Germany and the UK. The interfaces are provided by UBS for the bank branches in Austria, Germany, Spain, France, Italy, Luxembourg and Great Britain.
Software in the sandwich
Partner Ndigit, which supports more than 30 banks around the PSD2 Directive, provides the software link between UBS’s core banking system and third-party services, with Ndigit providing the interfaces as well.
For the Munich take a license fee from the banks and are also compensated by third-party providers for the use of the interface. Ndgit has already supplied the Swiss open-banking pioneer Hypothekarbank Lenzburg with their services.
As it is known in the fintech environment, another “large” Swiss bank is also to use the software to comply with the PSD2 regulations in the European business. This should probably be Credit Suisse.
Also published on Medium.