Why UK banks should push ahead with PSD2 regardless of Brexit implications
Amid the ongoing debate about the revised directive on payment services (PSD2), one issue that has gone largely unreported is the fact that many banks in the UK would rather not have had to deal with PSD2 at all.
On the face of it, PSD2 represents a threat to banks’ ownership of their customer relationships. PSD2 compels banks to open up access to accounts and decouple retail banking from easy access to money through the existing mechanical linkage to payment services. Naysaying banks worry that these requirements will at best disconnect them from their retail customers; at worst, they fear being put at the disadvantage of becoming commodity sources of account processing and credit lines.”
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