FCA: “The provider of a service that transmits a payer’s details, along with a payment order, to the payer’s payment service provider, but does not come into possession of personalised security credentials, is not carrying out an initiation service.” https://www.handbook.fca.org.uk/handbook/PERG/15/3.html …
You only need a PSD2 PISP license if you ask for “personalised security credentials,” but pretty much any bank API documentation I have seen redirects through the bank’s website so you don’t need the user’s credentials and thus no license? Was this a Sofort specific provision?
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This FCA interpretation, however, is different from how ING Bank has implemented it. Which requires the API user to be licensed and redirect for authentication through its website for every payment initiation. https://developer.ing.com/api-marketplace/marketplace/6aa25087-d05d-428e-b7c6-d9131cb46498/documentation …pic.twitter.com/elaY6Vs9a3
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