PSD2 in 90 seconds – Friday 20th October

PSD2 in 90 seconds – Friday 20th October

By October 21, 2017 PSD2, Research No Comments

Welcome to our roundup of the best news and opinion on PSD2 from the last week.

 To change how you use money, Open Banking must break banks – Wired

Banks who fail to embrace the opportunities of open banking could be left behind – while those who choose to capitalise and incorporate the innovation that startups like Monzo rely on will be in a stronger position than they are today.

Open banking: nothing personal – Banking Technology

Open banking is a ‘mindset shift’ away from proprietary control, and it will be much as much about changing culture as evolving technology.

PSD2: Big banks ready to embrace Open Banking – CBR

71% of European banks believe PSD2 is an opportunity, not a threat – a greater proportion than banks in the either the USA or Asia. 52% of banking executives globally believe they will need to implement open banking practices in order to remain competitive.

PSD2 should be a wake-up call for the big banks – International Finance

Banks who aren’t doing much with their data have the most to gain or lose from PSD2 coming into force. ‘Data is gold’ – and there will be significant revenue opportunities from the new APIs that will be implemented.

PSD2: Can it fight fraud and keep consumers happy at the same time? – gemalto

Reconciling security with open banking means that banks will need to have strong risk management, implementing both SCA (Strong Customer Authentication) with the flexibility of APIs that connect to TPPs.

Are PSD2-compliant EU banks “waiting for Google” actually “waiting for Godot”? – Paul Rohan

Big banks should stop worrying about if or when giants like Google and Facebook will enter financial services off the back of the changes PSD2 will ring, and begin looking at how those changes can be a catalyst to enhance their own core offerings.

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