Merits of NISP in context of the PSD2 Review
Since 2018, the NextGenPSD2 Implementation Support Programme (NISP) has supported banks, interbank processors and regulated Third Party Providers (TPPs) in implementing the Berlin Group NextGenPSD2 Framework and achieving on time compliance to all relevant PSD2 regulatory and organisational requirements from the European Commission (EC) and the European Banking Authority (EBA). NISP offers a common Best Practice implementation support and a common Testing Framework with sandbox and testcase definitions, simplifying interoperability testing, rendering maintenance efficiencies and also taking care of the different variants and options that might arise in implementing a PSD2-compliant interface. The NISP testing support was the instrument to prove compliance towards internal and external stakeholders. The common implementation support helped to optimise implementations, maximise implementation quality levels, while solving interoperability issues and developer questions at an early stage. NISP ran as a program from 2018 to 2020 and continued in Maintenance Mode in 2021 and 2022.
As an indispensable complement to available standards, NISP as an implementation support project provided a perfect basis for the implementation and rollout of the NextGenPSD2 open banking framework. Standards alone are never sufficient: market supply- and demand-side implementers need support in ensuring that PSD2-compliant and interoperable PIS/AIS/PIIS services are provided that meet the requirements of the available laws, regulations and the detailed technical standards.
Today, NISP published an overview document that outlines how NISP has contributed to implementation harmonisation and improved interoperability in the European market for implementers of the Berlin Group NextGenPSD2 Framework. With all the deliverables that NISP already provided for the PSD2 Open Banking compliance, a perfect basis is available for extension into Open Finance and Open Data services.
A copy of the document can be downloaded here.