Banks can counter fintech-friendly EU rules by embracing third party innovators

As we move toward the mandated adoption date for the Payment Services Directive 2 (PSD2), we can expect to see significant shifts within the payments industry. Banks leading the pack and taking risks with early adoption may win big or lose big depending on how and what they implement. Increases in security requirements will inevitably force payment providers and merchants alike to re-think their user experiences. But it will be third-party providers and fintech start-ups who will drive innovation as the PSD2 throws open the doors to an industry that previously provided limited opportunities for innovation outside of banks and payment processors.

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