Huge change is afoot in the payments space, as markets develop, customer needs evolve and technology capabilities advance. Concurrently, legislation must progress in order to remain relevant to the operating environment, and the introduction of PSD2 reflects the significant developments that have occurred in the retail payment market since the implementation of PSD1 in 2007.
In light of this, writing for FX-MM, Daniela Eder, Cash Management Business Development Manager, Treasury Services, BNY Mellon, explains how PSD2 is transforming the payments landscape. Eder highlights how PSD2 will affect the way in which banks and TPPs interact, and how it can create a platform for greater cooperation and collaboration between banks and fintechs. Indeed, despite the challenges PSD2 may present, by embracing digitally driven developments and focusing on client centric, value added collaborative strategies, banks can ensure they are positioned to provide enhanced services tailored to the evolving needs of clients.
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