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.

Sourced through from:

Leave a Comment