About BaFin
The BaFin is the primary financial regulatory authority in Germany responsible for overseeing open banking and financial services. As a National Competent Authority (NCA), they ensure that banks and third-party providers comply with open banking regulations, protecting consumers while fostering innovation in financial services.
SCA Update: On 21 August 2019, the German regulator announced a temporary enforcement extension for German cards. Although they will not enforce SCA by 14 September, the exact length and scope of the delay has not yet been defined.
Jurisdiction
Regulations Overseen
BaFin is responsible for enforcing and monitoring compliance with the following open banking and financial regulations:
PSD2
ActivePayment Services Directive 2
The revised Payment Services Directive requires banks to provide account access to licensed third-party providers (TPPs) via secure APIs. It introduce...
PSD3
UpcomingPayment Services Directive 3
The proposed third Payment Services Directive aims to address shortcomings of PSD2, improve API performance standards, enhance fraud prevention, and e...
FIDA
UpcomingFinancial Data Access Regulation
FIDA extends open banking principles beyond payment accounts to a wider range of financial products including mortgages, loans, savings, investments, ...
Key Responsibilities
Official Resources
Related Regulators
Other open banking regulators in the European Union:
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