PSD3 and the future of open finance

In this first webinar hosted by bobsguide, expert speakers from Pay.UK, N26, Contis and Payments.Universe discussed the future of API and open architectures, data sharing and standards as well as consumer privacy, ahead of PSD3 – the third iteration of the EU’s Payment Services Directive.

Watch the full recording below. 

In late May, the European Commission published a consultation paper, calling for its review of the second EU Payment Services Directive (PSD2), and to inform its continuing work on open finance. The consultations cover a wide range of topics. The Main Consultation asks more general questions on the use of payment services and the impact of PSD2, whereas the PSD2 Targeted Consultation and Open Finance Targeted Consultation ask detailed questions about technical matters and the extent of possible future regulation in payments and open finance.

The Open Finance Targeted Consultation specifically points in the direction of evolving data sharing practices, specifically:

• The use of existing open finance services – e.g., the use of payment initiation services and account information services to access payment accounts;
• The types of financial services data that respondents would also like to be able to access via third-party providers – e.g., data relating to mortgage, savings, investment, insurance, and pensions services
• Customer and data protection considerations

But what will the move mean for payments providers, banks and intermediaries?

What gaps have been left unaddressed by 2016’s PSD2?

With the UK and EU countries adapting to open finance at different rates, how can financial counterparties work together to ensure interoperability and customer data safety?

Speakers:

Simon Lyons, standards transformation lead, Pay.UK

Nomvuzo Maitin, product manager – open banking, N26

Andy Lyons, MD, head of solutions and partnerships, Contis

Marco Conte, payments consultant, Payments-Universe

Read more: Open Banking strides forward but full potential for consumers still to be realised 

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