What is Berlin Group?
The Berlin Group is a consortium of payment processors and other payment-related companies that aims to develop standards and best practices for payment processing in Europe. The group was established in 2012 and includes companies such as Adyen, Ingenico, and Worldline, among others.
The Berlin Group’s main focus is on developing a standard for SEPA (Single Euro Payments Area) payments, which enables cross-border euro transactions in the European Union. The group also aims to promote innovation in the payment industry and to collaborate with other organizations and stakeholders to advance the industry as a whole.
What is Berlin Group Role in Open Banking?
The Berlin Group is one of several industry groups that have been active in shaping open banking standards in Europe. Open banking refers to the practice of sharing customer data between banks and third-party providers in a secure and standardized way, with the goal of enabling greater innovation and competition in financial services.
The Berlin Group has been involved in developing the NextGenPSD2 (Revised Payment Services Directive) standard, which is a set of technical specifications for implementing open banking in Europe. The group has worked closely with other industry stakeholders, including the European Banking Authority (EBA) and the European Payment Institutions Federation (EPIF), to ensure that the standard is interoperable and widely adopted.
In addition to its work on the NextGenPSD2 standard, the Berlin Group has also been involved in developing a range of other open banking-related initiatives, such as the Open Banking Europe (OBE) directory and the API Exchange (APEX) platform. These initiatives aim to promote collaboration and innovation in the open banking ecosystem, and to make it easier for banks and third-party providers to connect and share data in a secure and standardized way.