Making it actionable
Financial institutions across Europe will soon be introduced to new banking industry regulations – a proposal for a revised directive on payment services in the internal market, better known as Payment Services Directive (PSD2).
The PSD2 regulation is regarded by many as the single biggest change in the banking industry, as it will force banks to open their infrastructure to third parties. Many banks are concerned about this legislation, feeling exposed and under attack from new entrants, as well as by the position of customers in the driving seat. But does PSD2 need to be seen as a threat to banks?
Fintech providers now have a chance to become an Account Information Service Provider (AISP) themselves. PSD2 isn’t simply a compliance project – it can be used to your own benefit.