Pursuant to the EU’s second payment services directive (PSD2), Medicinos Bankas shifts to the open banking and grants access to its infrastructure.
The directive requires financial institutions to provide access to customer accounts for third parties – licensed payment service providers holding the customer’s consent. For this reason, Medicinos Bankas is developing an application programming interface (API), which will allow third-party applications to access accounts of the bank’s customers, draw up payment orders on their behalf, obtain information on account balances and receive account statements, where the customer’s consent has been received.
Open banking API platform of Medicinos Bankas, also known as Sandbox, offers the possibility to view technical login parameters and trial examples of the system’s functioning after the activation of API on 14 September 2019. This version of API platform does not utilize customers’ data and customers will not experience any changes.
Sandbox will be accessible to everyone – from independent programmers to international organizations.