Welcome to our roundup of the best news and opinion on PSD2 from the last week.
Open banking: Lack of trust in third-party providers creating major opportunity for banks – Information Age
A study by Accenture shows that 69% of 2000 surveyed consumers would not share their financial details with TPPs – demonstrating that the opportunity for banks post-PSD2 is significant.
A significant impact of PSD2 will be the opening up bank’s APIs – allowing fintechs to increase the breadth of their services and calling on banks to rethink legacy technologies and operating models.
An update on UK Open Banking API implementation – Payments Cards & Mobile
The Open Banking Implementation Entity has released specifications for ‘Read/Write’ payment initiation and account information APIs – both of which will be crucial to banks preparing for the PSD2 compliance deadline early next year.
PSD2 meets Machine Learning – FICO
It’s no secret that PSD2 will be disruptive to banks’ current fraud detection and prevention techniques. FICO posit that their machine learning technology can aid in the significantly more complicated fraud prevention landscape post-PSD2.
Open Banking: A new Financial Order – Capgemini
An interview with the Financial Brand’s Jim Marous on the key changes an Open Banking ecosystem will bring post-PSD2 – “…the improvement in customer experience could be the differentiator that retains the overall banking (and non-banking) relationship.”
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