Banks are preparing for PSD2 but few are ready for new era of open banking

Although the revised EU Payments Services Directive (PSD2) already goes into effect in January 2018, a new PwC survey shows few banks seem to be ready for it. At the start of the summer, 38% were still in the early stages of assessing its impact, while only 9% were in the implementation stage of the new PSD2 requirements.
For its new PSD2 readiness survey dubbed ‘Waiting until the Eleventh Hour’, PwC interviewed 39 senior bank executives in 18 European countries, covering most of the world’s leading banks. The interviews were conducted in the first half of 2017. While two-thirds of the execs anticipate PSD2 will affect all their bank functions, with numerous interdependencies with other regulations, only 9% said their preparations for PSD2 were at the stage of being implemented.
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