Europe’s PSD2 Allows Third Parties to Offer Banking, Means Collapse of Traditional Finance
Following the EU’s adoption of its revised Payment Services Directive (PSD2), an industry player has said it will cause “the collapse of the traditional banking infrastructure.” PSD2, which allows third-party companies to offer banking services to consumers, could eventually transform banking in 67 countries worldwide through a ripple effect. Speaking to South African tech publication Gadget, Thomas Pays, CEO of i-Pay, a startup set to benefit from the legislation, said 2017 would be a watershed moment. “You are actually looking at the collapse of the traditional banking infrastructure and....
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The UK’s vote to leave the EU not only raised many doubts about London’s continued reign as the global fintech leader, but also certain concerns about the country’s continued regulatory alignment. However, as the main driver for PSD2 is technological and not political, the UK decision to follow a development path independently from the EU will hardly have any significant effect on the implementation of the directive. According to Paul Rohan, Author of ‘PSD2 in Plain English’, Brexit does not really change the end point in the establishment of the open banking: “The UK policy makers have....
Silicon Valley’s Token takes the first step in leading European banks towards secure API banking with an opening of the office in London. The fintech world is buzzing about PSD2. With the deadline for its implementation approaching, European banks have started to realize the magnitude of the proposed changes in regulations and try to decide upon a strategy which would allow them to react to these changes accordingly. What all the fuss is about? PSD2 sets out to standardize, integrate and improve the efficiency of payments within the European Union, offering consumers better protection and....
The emergence of cryptocurrency brought many benefits that the traditional banking system could not offer. Besides its numerous advantages, digital assets provide a seamless and fast means for payments and settlements through transfers. Also, it requires no interference from third parties. Hence, people could effortlessly complete their transactions from different locations without cost for intermediary […]
The European Union’s Advanced Payment Services Directive (PSD2) is a “headache for everyone” according to a UK bank spokesman. At Monday’s London Fintech Conference, Royal Bank of Scotland head of open banking and fintech solutions Alan Lockhart said that a “change of mindset” was needed from banks traditionally unwilling to embrace new thinking. Nevertheless, he said, the new rules, which come into force in 2018, presented “huge opportunities” for legacy institutions to get on board with ideas from innovative fintech startups. “One of the huge opportunities that is right on the doorstep....
Aiming at accelerating innovation and developing a unified payment services sector, the European Commission has adopted the Payment Services Directive (PSD2), which is expected to bring vital changes. What is PSD2? Lately, regulators have been increasingly focussing on ensuring consumer protection, competition, and security in the area of financial services. The PSD2 is a data and technology-driven directive, which was introduced as a way to respond to the changes in the landscape of payment services since the introduction of the original directive in 2007, and to drive further....