New rules of the game: Open banking –

Russians will be able to make money transfers over the phone in 2019 and they won’t need to add a bank card to the number.

This model has become possible owing to the principles of the PSD2 (Revised Payment Service Directive) that has come into force in EU countries in January 2018.

PSD2 mechanisms oblige the banks to provide client data bases and APIs to third parties in financial sector. This approach enables creation of open banking that excludes any mediators during financial transactions.

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