There has been quite a lot of excited commentary about how PSD2 will revolutionize the banking industry, so I thought it was worth a bit of analysis to see what the actual outcome is likely to be.
What is it PSD2 is a EU directective aimed at
Forcing open API’s on the payments industry to open up competition including ability to deliver cross border direct debit Increasing security of payments/banking by mandating ‘strong authentication’ based on multiple factors Better transparency on charges for payments What are people saying it will mean A number of commentators are crediting PSD2 with opening up the EU banking market to much more competition from non-banks and between banks.
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