PSD2 comes into force on 13 January 2018. It aims to open up the European payments market to greater competition and transparency, but Christian Schaefer, global head of payments, cash management, Deutsche Bank, believes its effect will be more far-reaching.
Writing for Banking Technology magazine, Schaefer suggests it is no exaggeration to say that the result will be a fundamental reshaping and renewal of the European payments and wider financial services markets over the next two to five years, with a host of new players and a range of innovative and tailored services being offered to customers, who will be the prime beneficiaries of these changes.
After becoming compliant by the January implementation date, the next step on this journey is Europe’s financial institutions developing or buying in third party account interfaces to comply with PSD2, says Schaefer. These may either be dedicated third party interfaces, or customer interfaces suitably modified to be PSD2-compliant. Both routes – dedicated interface and modified direct access – require careful consideration.
Read the full article here.