Welcome to our roundup of the best news and opinion on PSD2 from the last week.
While PSD2 went live on 13 January, the technical standards that underpin it won’t arrive until September 2019. With banks suggesting sharing logins and passwords as interim measures – adding fuel to the fire regarding fears that PSD2 may in fact put consumers at risk from fraud.
A central element of PSD2, SCA (Strong Customer Authentication) means that a Payment Service Provider (PSP) should now be confident that the Payment Service User (PSU) is who they say they are.
Businesses need to consider how PSD2 and fraud monitoring will integrate into the customer journey, without compromising the customer experience.
PSD2 will loosen the grip of established financial services players, paving the way for new products and services. Some of these could be multiple account aggregation onto a single platform, budgeting tools and personalised financial advice powered by AI as well as new payment channels through existing services such as Amazon and Facebook.
NEW WHITEPAPER: The unique opportunity for retail banks in 2018, and the impending Uberisation of the financial services industry.