DLK Legal has been advising Nest Bank S.A. on the launch of Nest Bank API – an open banking project in which the bank provides FinTech firms and other institutions with an interface for integrating their services with the bank’s services. When the project begins, three firms will use Nest Bank API services. From next year, all banks will be required to provide similar interfaces under PSD2.
DLK Legal assisted Nest Bank S.A. by advising on the regulatory issues arising in connection with the project and drawing up the legal documentation for the service. The DLK Legal team was supervised by managing partner Dr Krzysztof Korus
– The greatest challenge in the implementation of open banking before PSD2 takes effect in full is adopting a regulatory model that is aligned with the envisaged regulatory and market landscape for implementing PSD2. This led me to consider, in major decisions in the project, not only the regulatory climate right now but also the current status of work on the Polish API, other standardization initiatives, and the Euro Retail Payments Board (currently the EC API Evaluation Group, of which I was part) – Dr Krzysztof Korus says, adding: – the fact that we have been involved in the work of those bodies in the past means that the top Polish banks are ready to trust us with regard to implementation of PSD2 and open banking solutions.
Nest Bank S.A. is an innovative bank with several hundred branches throughout Poland, and services for both retail customers and microenterprises. Nest Bank entices FinTech firms to come to it with the slogan “let’s create a bank together”. Nest Bank API is being launched as an element of introduction of new electronic banking, and Nest Bank is also providing a Sandbox, which all firms interested in collaboration can use free of charge. The launch of Nest Bank API is the next in a series of innovative projects by the bank this year, which included providing an account comparison tool and introducing payment by Apple Pay and Garmin Pay.