It will be regulation-led, but make no mistake: 13th January 2018 will see the start of a deep-rooted and long-term transformation of the European payments market. This is when PSD2, the new European Directive on Payment Services in the Internal Market, comes into force. While this prospect initially caused concern to some in traditional financial institutions, most are now embracing it as a timely and necessary stimulus to the industry to future-proof itself against a new age in payments and banking services.
Writing for Finextra, Shahrokh Moinian, global head of cash products, cash management, Deutsche Bank, suggest that, given the clear benefits to customers, banks should therefore not delay getting PSD2-ready and instead participate in the consultations and act on the early drafts of the European Banking Authority’s Guidelines immediately in order to ensure smooth implementation projects.
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