Why PSD2 will make it possible for customers to build their own banks

2018 is going to be the year that permanently changes the customers see and use banks. Banks in their traditional form are going to start to disappear, and be replaced by “banking technology” – which is a completely different beast.

PSD2 is set to come into force at the beginning of next year, and “game-changer” barely begins to describe the effect this new set of regulations governing the use of banking data will have. PSD2 will oblige banks to give third party providers access to their customer’s accounts using Application Programming Interfaces, or APIs. Using simple call and response technology, any firm will be able to compete tooth and nail with major banks across the same suite of services – but in the main, two new types of agent will be created.

Sourced through Scoop.it from: www.bobsguide.com

Leave a Comment