With the introduction of PSD2, Spanish banks are reshaping their proven payment infrastructure for Open Banking, with the merger of three domestic card schemes, and the launch of the new domestic immediate payment scheme, Bizum.
In November 2020, Spain passed a new law relating to the digital transformation of its financial system through a regulatory sandbox. Bankia was the first to submit a test case based on Open Banking.
According to Mastercard’s Open Banking Readiness Index, in 2020, eight PISPs and eight AISPs were granted licenses by CNC, the Spanish financial market regulator. That makes for eight TPPs as well as 115 foreign TPPs with EU passports that can connect to Spanish banks by using that bank’s Open Banking API set.
Considering factors such as online banking penetration and Internet use, Spain is more than ready in terms of infrastructure to give OB a real shot at success. The country has turned around its domestic-only banking approach by adding payment initiation and account information cross banks, shows an iterative approach to next-generation payments.