Open Banking Europe and ETSI Extend their Partnership

Open Banking Europe (OBE) is pleased to announce that they have extended their MOU with the European Telecommunications Standards Institute (ETSI) for another three years. ETSI and OBE signed an MOU in 2018 to facilitate PSD2 understanding and collaboration on regulatory and market difficulties. This was following the publication of the EBA’s Regulatory Technical Standards on Common and Secure Communications for PSD2 interfaces, which brought together eIDAS and digital certificates (represented by ETSI) with open banking. The success of the partnership has led to the extension of the MoU initiating another three years of collaboration and innovation.

The work of ETSI and OBE focused on three core objectives:
 To advise the Qualified Trust Service Provider (QTSP) community on how to create relevant standards to support PSD2.
 To support stakeholders in the use of eIDAS certificates, providing guidance on their strengths and limitations.
 To raise awareness and promote collaboration around relevant standards, best practices and legislation for the ETSI and OBE member communities.

These aims and objectives, which are as relevant today as they were in 2018, have been achieved through a series of Member working groups, workshops, and industry documents. ETSI and OBE have together provided guidance on standardisation and identity and security issues. Having achieved so much under the rollout of PSD2 open banking, continued collaboration between ETSI and OBE will be important in shaping the industry as it moves ahead.

In 2022, OBE and its members from financial institutions, third-party providers and regulated certificate issuers (QTSPs) will be following the upcoming review of PSD2. They will also be exploring how eIDAS 2.0 will impact the way in which consumers log into their bank accounts and any developments or changes regarding the global applicability of eIDAS certificates and API security standards in open banking. John Broxis, Managing Director, Open Banking Europe, commented: “As open finance spreads around the world, global interoperability and standards will become more important than ever before, and through our cooperation with ETSI, we can ensure all parties understand what these standards and rules mean for them.”