Premium APIs

PSD2 open banking requires that access to all 'Transactional Accounts' are provided by FIs to TPPs free of charge.

The FCA defines a transactional account in the FCA handbook as a ‘Payment Account’ and a payment account is defined in the FCA regulation 2 as:

"an account held in the name of one or more payment service users which is used for the execution of payment transactions"

Source: FCA Handbook PERG 15 Guidance on the scope of the Payment Services Regulations 2009

A number of accounts sit outside the PSD2 open banking regulation (e.g. Fixed Term Deposit Accounts, Mortgage Accounts, Investment Accounts etc.).  If an FI offers APIs to these non-PSD2 open banking accounts, so called Premium APIs, they are allowed to charge TPPs for access to them.

Konsentus, on behalf of the FI, will:

  • Hold data on how the FI wishes to charge for access to the Premium APIs.
  • Track access and usage of the Premium APIs.
  • Generate billing against the charging structure agreed between the FI and the TPP.
  • Issue invoices to the TPP on behalf of the FI.
  • Collect funds and reconcile collections before remitting funds to the FI for TPP Premium API usage.