Open Banking and PSD2: Who Is Impacted?
Banks and financial institutions are often on the cutting edge of technology. With banks, financial institutions, and fintech companies across the European Union in the process of implementing the E.U.’s Second Payment Services Directive (PSD2), these types of organizations are once again on the forefront with their push towards open banking.
As is the case with many new government regulations, there is a lot of confusion not only around what PSD2 is and why it exists, but also how organization’s can go about actually implementing it.
The first step into understanding PSD2 is to determine who is impacted by the changes.
We’ve put together a comprehensive eBook that will provide guidance for banks and third-party providers whose APIs will be the conduit for bringing this new state of open banking to life.
What type of organizations are directly impacted by PSD2?
The largest audience to be affected by PSD2 and the advent of open banking is, without a doubt, the end consumer. The objective of PSD2 is to make banking more transparent, empowering consumers with more insight and clarity into their financial status – irrespective of how many accounts they have open.
Any European Union bank will certainly be required to implement PSD2. At some point, we might see banks in other countries like Switzerland choose to opt-in to this accord based on how successful the adoption of this directive is.
While banks are technically the only institution that is directly affected, third party providers of applications that wish to work with EU financial institutions will also be required to meet these standards when working with these banks.
If you’re involved in either an EU bank or third-party provider, this eBook will help get you up to speed on the basics of PSD2, and also help you to start thinking about the best way to implement it in your organization.
What topics are covered in Open Banking and PSD2?
- What is open banking? How are APIs driving it?
- What is PSD2? How can banks and 3rd party providers profit from it?
- Challenges associated with PSD2
- Implementation: How can you get it all done?
- How API development, testing, and virtualisation can help
Read the eBook