In response to the payment industry’s growing need for enhanced transparency and security, the revised “European Directive on Payment Services in the Internal Market” (PSD2) comes into effect on 13th January 2018. But, what will PSD2 mean for the industry? And what benefits could the industry experience?
Writing for FX-MM, Shahrokh Moinian, Deutsche Bank’s Global Head of Cash Management Corporates, describes the incoming regulatory transformation’s revised scope and its potential to usher in a new era of open and innovative banking. One key revision in the regulation’s scope is the increased role for third party providers (TPPs), which could lead to the development of cutting-edge payment services.
Moinian says, “If banks and TPPs are willing to invest fully in the opportunities presented by PSD2 – especially prior to the regulation’s introduction in 2018 – the benefits for the industry, and the customer, will prove to be lasting.”
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