The Romanian Fintech Association (RoFintech) has announced the launch of the Romanian Open Banking Initiative to support Open Banking adoption. The Romanian Open Banking Initiative (ROBI) aims to minimise the burdens faced by industry participants, particularly in the context of slow adoption rates caused by a lack of harmonisation and transparency.

Moreover, the initiative will address the misalignment between the implementation of the Payment Service Directive (PSD2 and upcoming PSD3) and its objectives regarding competition and innovation. RoFintech has created an Open Banking working group designed specifically for the Romanian market. The group includes several contributors such as licensed Third-Party Provider (TPP) companies Paysera, Finqware, SmartFintech, Kevin, and TrueLayer.

What are the main objectives of ROBI? ROBI’s objective roadmap includes the improvement of current Open Banking development and adoption processes by implementing best practices. The initiative will also leverage upcoming PSD3 anticipated legislative updates to foster a unified approach and perspective, as well as establish a robust collaboration platform among industry participants. The group will analyse and monitor the current state of the Romanian Open Banking market to identify key obstacles and opportunities, and it will also work to create a common framework for cooperation among Romania-based Open Banking players.

Representatives from RoFintech cited by nocash.ro revealed their goals to leverage the expertise of Open Banking providers (TPPs), banks, and regulators to address current pain points in the market. They also referred to Open Banking as a global transformation and highlighted the need to create a framework based on cooperation and transparency, especially with PSD3 on the way. Officials from Paysera expressed that the Romanian public is still largely unaware of the benefits of Open Banking.

They also emphasised the need for more support from the National Bank of Romania when it comes to educating the public about its importance and potential. Representatives from IRIS Solutions, which is part of ROBI, talked about the importance of Open Banking and Open Finance in the context of the EU’s digital strategy. They also revealed their plans to support business organisations in their digital transformation efforts.

More information about PSD3 According to SEON, the third Payment Services Directive, PSD3, is an upcoming framework that regulates electronic payments and the banking ecosystem within the European Single Market area (EEA). The PSD3 will be decided by the EC after a round of consultations. PSD3 is going to address Strong Customer Authentication (SCA) and Open Banking standards and protocols, aiming to make it easier for consumers to transact with confidence in the digital landscape, both with merchants and with banks.

.