Welcome to our roundup of the best news and opinion on PSD2 from the last week.
A summary of the key findings from a recent Deutsche Bank white paper looking at the impact of PSD2 on banks.
Their findings in short are that PSD2 implementation may get off to an uneven start. To date only Denmark, France, Germany and the United Kingdom have transposed PSD2 into national law, with a number of other member states only having draft legislation in place. However, this should not delay individual institutions in working toward PSD2 compliant solutions.
PSD2 could drive down overall cost of payment services - Business & Industry
The UK’s FCA believes that consumers, businesses and the finance industry all stand to gain from PSD2, and are confident that the industry is ready for the January 13th deadline. At the link, find out how they’re working with their members to help explain the changes to customers and inform them of their rights.
PSD2 will force banks to open up access to client data via API’s – with major implications for banking IT systems, not least integrating legacy systems with new front end user interfaces and functions, enabling more sophisticated data analytics and dealing with increased risk of data breaches.