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 Post subject: PSD2 - the directive that will change banking as we know it
PostPosted: Sat Jan 13, 2018 11:25 pm 
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PSD2 - the directive that will change banking as we know it

2018 is set to be a game-changing year for retail banking. As the PSD2 (Revised Payment Service Directive) becomes implemented, banks’ monopoly on their customer’s account information and payment services is about to disappear. The new EU directive opens the door to any company interested in eating a bank’s lunch.

In short, PSD2 enables bank customers, both consumers and businesses, to use third-party providers to manage their finances. In the near future, you may be using Facebook or Google to pay your bills, making P2P transfers and analyse your spending, while still having your money safely placed in your current bank account. Banks, however, are obligated to provide these third-party providers access to their customers’ accounts through open APIs (application program interface). This will enable third-parties to build financial services on top of banks’ data and infrastructure...

...For banks, PSD2 poses substantial economical challenges. IT costs are expected to increase due to new security requirements and the opening of APIs. In addition, 9 percent of retail payments revenues are predicted to be lost to PISP services by 2020 . And, as non-banks take over the customer interaction, banks may find it increasingly difficult to differentiate themselves in the market for offering loans...

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 Post subject: Re: PSD2 - the directive that will change banking as we know
PostPosted: Thu Nov 29, 2018 1:02 pm 
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Joined: Oct 22, 2007
Posts: 1962
Are there any services that are currently using PSD2? I'm part of a community group and we have a bank account but we're offered no services with it, no online, no debit/credit cards etc, we're doing everything old fashioned through cheques and bank statements. Is there anyway that 3rd party services using PSD2 could take up the slack?

It was some rigmarole getting all the cats together to put in a new treasurer and co-signers on the account I don't want to have to go through that again to move it to another bank if I don't have to.

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