PSD2: What will change and how should banks react?

The revised European Payment Services Directive (PSD2) is driving European banks to a defining moment in 2018. PSD2 signals a significant shift in the balance of power in European retail banking, opening the door to innovative FinTech companies and setting the financial services industry on a journey towards open banking. Specifically, PSD2 aims to drive increased competition, innovation and transparency across European payments and account information markets by granting third-party providers (TPPs) regulated access to a customer’s online account data and payment initiation. With PSD2, the consumer decides who can access their data and authorise payments from their accounts.

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