How PSD2 and GDPR may improve retail payments for all

There is much talk about Payment Service Directive 2 (PSD2) and the opportunities, threats and costs to meet this regulation.

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Berlin Group to publish single API standard for PSD2

The Berlin Group, a-European payments interoperability coalition of banks and payment processors, is pushing a single standard for API access to bank accounts to comply with new regulations on freeing up customer data under PSD2.

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PSD2 and Open Banking Global Market 2016 Analysis and Forecast to 2022 – satPRnews

The EU’s Directive on Payment Services 2 (PSD2) will accelerate the fragmentation of Europe’s retail banking industry following the global financial crisis.

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5 Roadblocks To Open APIs For EU Banks | BCW IT Blog

The European Commission’s revised Directive on Payment Services (PSD2) is expected to enhance consumer protection and convenience, improve the security of payment services and promote innovation and competition.

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The challenges banks are facing with Open Banking

Pairing technology and money is very common, we are used to hearing about the vast sums being pumped into Silicon Valley start-ups. What is less common is technology and ‘money’ working together. Challenger banks, such as Monzo, are aiming for this to be a reality, by making banking transparent and simple. The emergence of FinTech start-ups has drastically increased competition in the banking space.

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Tony Anderson: Future of money requires pause for thought

The Competition & Markets Authority has introduced a package of reforms aimed at ensuring retail bank customers benefit from technological advances, while new entrants and smaller providers can compete more fairly with the high-street giants.

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White paper: GDPR – banks, breaches and billion euro fines » Banking Technology

Are financial institutions ready for the 72-hour notification challenge?

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Are Open APIs the Stairway to the New Payments Ecosystem?

The immediate impact of Open API technology on banking is evident in the use and business cases that seem to emerge on a daily basis.

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How should banks be reacting to PSD2?

The countdown has started. At the time of publication, it’ll be just over six months before banks are required to comply with the Second Payments Services Directive (PSD2). The directive requires that by January 2018, banks must grant third parties access to a treasure trove they’ve been sitting on for decades – their customers’ data, as well as payment infrastructure. The change is a bonanza for fintechs building disruptive apps and services, while from the banks’ perspective, this could be alarming – they’re about to lose their monopoly on customer information. But as bobsguide finds, PSD2 offers incumbents a wealth of opportunities, as long as they’re on board.

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How PSD2 is replacing the benefits of cards

The world is now immediate. We’re able to buy things online and have them delivered the same day (sometimes within an hour), our correspondence is sent and reacted to in seconds, and opinions and photos are shared before we can even decide whether it’s a good idea or not. In this instant, digital world, why is making payments still so cumbersome?

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