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Payments General

SIBS launches Open API Platform in Portugal

Wednesday 14 August 2019 | 12:04 PM CET

Payments processing and fintech services provider SIBS launched SIBS API Market, the first Open API Platform in Portugal.

The platform that brings together 24 financial institutions that is boosting the ecosystem of payments and financial services. Portugal was the first European country to have a unique API infrastructure giving access to 95% of bank accounts, fulfilling the vision of the Payment Services Directive (PSD2).

First through a sandbox environment and now in an aggregate production model, any TPP can start making the connections to the infrastructure and to the Portuguese API defined by the PSD2 directive: account information, payments initiation and availability of funds.

This SIBS Open API platform provides the opportunity to develop services and added-value business models, leveraging the new Payment Services Directive (PSD2). The platform will also be a hub for startups and fintechs who want to collaborate with the existing financial entities, whose API are now available, providing new services and solutions, both, to the national and international market, as well as for all the entities that want to expose their own API in this new delivery services and collaboration paradigm.

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