PSD2 Open Banking

The Payment Services Directive (PSD2) simplified new providers of payment services to enter the European market and established rules according to which these entities will provide payment services to end users. A change in the field of payment services is the obligation of banks to provide access to selected services to so-called third parties, through the API interface (Application Programming Interface).

TPP (English TPP – Third party provider) are providers of third party payment services. These are authorized network service providers that were introduced as part of open banking. They exist outside of the client’s relationship with the bank, but may be included in the transactions that the client executes.

PSD2 (Payment Services Directive 2) has a significant impact on the way payment transactions are conducted and financial services are provided. PSD2 introduces new services in our market:

1. Payment Initiation Service (PIS):
   • When making purchases online (in online stores), the Payment Initiation Service (PIS) allows you to directly initiate payment from your bank account, without using a card. The application redirects you to your bank’s portal to confirm the payment
2. Account Information Services (AIS):
   • The Account Information Service for payments allows the user to obtain aggregated or consolidated information about one or more payment accounts held with one or more banks and accessed via the internet.

Adriatic Bank AD Podgorica has implemented a dedicated API interface solution in the form of Sanbox, which TPP can use to test the connection with our Bank. New API interface solutions allow initiating a payment order or obtaining information about a payment account with the necessary consent of the client.