Open banking - The revised payment services directive (PSD2)

PSD2 will be used by Morrow Bank as the first step into the Open Banking environment. PSD2 enables customers to access account information and initiate payments from third-party providers.

Services

Morrow Bank is offering the Open Banking API through a collaboration with Crosskey. Our developer portal and sandbox may be accessed here. Our APIs are based on the Open Banking standard, which you may read more on at Open Banking UK.

Account information

By using our account information APIs, customers may access information on their credit card, loan and deposit accounts in Morrow Bank through a third-party interface. Account information includes details on account balance and up to 90 days of transaction history.

Details on the relevant APIs are available at here.

Payment initiation

By using our payment initiation APIs, a customer may initiate payments from her credit card, loan and deposit accounts in Morrow Bank through a third-party interface.

Details on the relevant APIs are available at here.

Funds confirmation

The funds confirmation service allows the third-party provider to easily verify that sufficient funds are available before initiating payments.

Details on the relevant APIs are available here.

Roadmap

The first step is to be compliant with the required APIs in the PSD2 legislation, but Morrow Bank aims to extend to these APIs moving forward by adding support for further products and services.

API updates

Our APIs will be updated regularly, both to add new features, improve existing methods and fix bugs. New versions of the API will be added to the existing set, and you will have (at least) three months to upgrade your applications to the newest version. TPPs registered in our developer portal will be notified in advance when API versions in use are about to be retired.

TPP requirements

If you just want to test our APIs for a second, you may register at our developer portal and log in. To get started, you must also accept our Terms of use. However, if you want to use our APIs as a third-party provider (TPP) in production, there are a few more requirements.

License

All third-party providers (TPPs) must register with and obtain a license from their national competent authority (e.g. Finanstilsynet in Norway) as an account information service provider (AISP), a payment initiation service provider (PISP) and/or a payment instrument issuing service provider (PIISP). Further details on the application process may be obtained from the national competent authority.

Certificate

In addition to holding a valid license, all third-party providers must be able to verify their identity online. This is achieved through the use of technical certificates (QWAC and QCSeal) issued by qualified trust service providers (QTSP). For a list of approved QTSPs, please see https://www.openbankingeurope.eu/qtsps-and-eidas/.

Support

If you’re experiencing issues with our APIs or have further questions regarding the Open Banking services, please get in touch with us on psd2support@morrowbank.com and we will be happy to assist you.

Fallback mechanism

In the event that the dedicated Open Banking interface is unavailable, Morrow Bank provides a fallback mechanism for TPPs. TPPs will in these circumstances be able to access the online banking service on our web pages on behalf of the PSU. Please be aware of the limitations to such usage of the online banking service, as further described in the Article 33 (5) of the RTS, available here.