Technological innovation – driven by the emergence of a tech-hungry generation – has become a huge catalyst for change across the financial services industry. In January 2018, PSD2 – a revised version of the original PSD1 – will come into effect. Designed to help harmonise the European market for payment services, PSD2 incorporates enhancements to transparency, customer protection and security (particularly with respect to online and mobile payments), and pricing. Without doubt, PSD2 is set to generate considerable change.
In light of this legislative change, Daniela Eder, Cash Management Business Development Manager, Treasury Services, BNY Mellon, considers the impact PSD2 will have across Europe – and how it could have huge implications for the industry, presenting both challenges and opportunities for banks. In bobsguide, Eder writes that by adopting a carefully considered client-centric strategy and taking a strategic approach to technology investments, banks can not only adapt to the developing payments space, they can be positioned with the capabilities they need to deliver an optimised, value added digital payments experience.
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