With 50 days to go until PSD2 comes into force on the 13th of January 2018, we've compiled five articles to help clarify and keep you, the digital finance industry, updated on all aspects of PSD2.
Alara Basul, Reporter, bobsguide
The Second Payment Services Directive (PSD2) is a fundamental piece of payments legislation in Europe, which entered into force in January 2016. The regulation is set to drastically impact the infrastructure for banks, fintechs and businesses using payments data by opening up access to third party providers. The regulation requires that all member states implement these rules by 13 January 2018.
Vicky Beckett, Editor of GTNews, GTNews
Market uncertainty, a lack of necessary infrastructure and enforced regulatory standards means that the revised European Payment Services Directive (PSD2) may not be actively enforced until mid-2019.
“There is a misconception that PSD2 will hit hard in January 2018 but it doesn’t really,” Lu Zurawski, solutions practice lead, consumer payments EMEA, told bobsguide at this year’s Money 20/20 conference.
Huw Jenkins, CTO of The Money Cloud
2018 is going to be the year that permanently changes the customers see and use banks. Banks in their traditional form are going to start to disappear, and be replaced by “banking technology” – which is a completely different beast.
David Beach, Reporter, bobsguide
"You must be looking forward to PSD2 then?" "Very much so" says startup, Onfido CEO and co-founder, Husayn Kassai. Husayn talks to bobsguide about regtech disruption, his crusade for financial inclusion and the benefits startups like Onfido can reap come PSD2.
Erik Zingmark - Co-Head of Transaction Banking, EVP, Nordea
Let’s be completely open: Europe’s new Payment Services Directive (PSD2) will fundamentally change banking as we know it. Forever. It is not a fad. Life will be different in 2018 when banks are to allow approved third parties to offer services to their account holders. Perhaps too few banks have understood the scope of the changes they will face – and the consequences are obvious: not all banks will survive.