Europe’s PSD2 Allows Third Parties to Offer Banking, Means Collapse of Traditional Finance

Following the EU’s adoption of its revised Payment Services Directive (PSD2), an industry player has said it will cause “the collapse of the traditional banking infrastructure.”

PSD2, which allows third-party companies to offer banking services to consumers, could eventually transform banking in 67 countries worldwide through a ripple effect.

Speaking to South African tech publication Gadget, Thomas Pays, CEO of i-Pay, a startup set to benefit from the legislation, said 2017 would be a watershed moment.

“You are actually looking at the collapse of the traditional banking infrastructure and a rebirth of banking as we know it,” he stated.

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