PSD2: 5,000 banks, 15 months and lots of work to do » Banking Technology
In a mere 15 months, approximately 5,000 financial institutions across Europe will be required to provide open access to customer, transaction and payment information via APIs.
“This is a massive amount of work,” said James Whittle, director of industry policy for Payments UK, the representative body for the country’s payments industry, speaking at the EBAday conference held in Milan in June.
In conversations with dozens of EBAday attendees, I reached the same conclusion as Whittle and found different levels of understanding and preparedness for PSD2 – the European Commission’s upcoming policy aiming to open up banking data and payments capabilities to new kinds of service providers.
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