B of A opens API gateway in preparation for PSD2
Bank of America Merrill Lynch has launched an application programming interface (API) gateway available to third-party fintech providers, as part of preparations for Europe’s PSD2 regulations that went into effect this month.
API connections are now available for various banking and solution providers including those in enterprise resource planning, treasury management systems and other areas to easily and quickly access their banking information and initiate transactions in real time, B of A said in a Wednesday press release.
“Clearing systems, regulatory mandates and banking channels are evolving to support real-time interactions with unbundled banking services…our clients expect to integrate these directly into their business processes and applications,” said Faiz Ahmad, head of global transaction services at B of A Merrill Lynch in the release.
B of A is already working with some clients piloting its API service, and while it’s started operations with some ERP and treasury management vendors, it’s still in the “conversation” stage with third-party providers such as fintechs, according to the release.
The move follows B of A's launch last year of the API-enabled CashPro Assistant, available through the bank’s developer portal.