Now just six months away, the revised Payments Service Directive (PSD2), is poised to create a dramatic shift in the European banking landscape, by granting third-party payment providers (TPPs) and fintechs access to customer account data, once the preserve of the banks.
The directive is intended to drive competition, innovation and transparency in the banking sector, while enhancing security, and will encourage more players into the space, creating a more competitive market place, and brings us closer to the Open Banking standard.
In a new white paper, payment services company AEVI argues that PSD2, while bringing challenges to banks, is a directive that can work in banks’ favour, and present many opportunities.
“Despite the challenges, banks can find plenty of opportunities to thrive in an open market,” AEVI says. In the white paper, AEVI explains how banks should respond to PSD2, so that consumers are able, and encouraged to, continue using their banks as their main financial institution.
It also looks at how banks can differentiate themselves from the competition post-January 13, 2018, when PSD2 has to be implemented in national law, and explores how by working with TPPs, banks can unlock a wealth of opportunities so that they don’t only survive the changes brought by PSD2, but thrive.
“Collaboration, rather than competition, is key,” says AEVI.
Download your complimentary copy of the whitepaper here.
Whitepapers
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