The bank’s APIs can now be used to initiate a payment between accounts.
UK challenger Starling Bank has become “the first challenger bank to support PSD2 PISP [payment initiation service provider] legislation”, according to a statement by financial management platform Moneyhub last weekend.
This integration means the bank’s APIs can now be used to initiate a payment between accounts. This is after the implementation of open banking in January last year, a historic move in itself. There is a new requirement by UK policy makers that will ensure that all banks support PSD2 legislation by September 2019.
The objective for Starling Bank was to be able to create a better and faster banking experience for their customers, irrespective of whether the transaction take s place on their own app or external money management tools like Moneyhub, that is a license holder for both account information services provider (AISP) and PISP.