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FIME launches testing tool for open banking APIs

Payments testing multinational FIME has rolled out a new testing solution, which will enable banks and third-party providers (TPPs) to verify application programming interfaces (APIs) against Payment Services Directive (PSD2) compliant standards, fast-tracking the launch of open banking services.

Dubbed TrustAPI, the new solution is designed to be fully customisable and user friendly. It will enable users to quickly test APIs in-line with specific needs and business requirements. Users can also validate against multiple API standards and PSD2’s third party access to account (XS2A) requirements.

The test suites are powered by the recently launched FIME Test Factory 4.0, that supports automation, digitalisation and customisation of the open API testing process. 

Smoothing the path

FIME said that its experts are supporting several open banking standardisation initiatives., with the ultimate goal of accelerating the launch of open banking services.

The company is helping STET S.A. – a major European automated clearing house (ACH) – create its standard open-access API. STET is owned by six major European banks: BNP Paribas, BPCE, Crédit Agricole, Banque Fédérative du Crédit Mutuel, La Banque Postale, Société Générale and CB Investissements.

FIME is also participating in the Berlin Group’s NextGenPSD2 task force and working with banks and TPPs across the world to define, design, deploy and validate their open API strategy.

Commenting on the new proposition, FIME head of payments marketing Reza Rahmani Fard said: “Open banking API standards are proving increasingly popular to efficiently achieve regulatory compliance, interoperability and safe data transfer.

“This industry-first test platform is smoothing the path to open banking. Harnessing the power of these standardisation efforts, we’re enabling stakeholders to deliver new open-access services quickly and cost-effectively – without compromising on quality.”

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This item appears in the following sections:
Bank Relations & KYC
electronic Bank Account Management
Payments - Receipts
Payments - Disbursements
Regulation & Tax

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