The fascinating white paper from EVRY: PSD2 – Strategic opportunities beyond compliance focuses on How PSD2 will open up the European financial landscape and strategies for how banks can take the leading positions. It pulls no punches on the potential impact saying, “PSD2 opens door to almost any company interested in eating a bank’s lunch.”
They are in no doubt that PSD2 is going to be good and bad for almost every player, who have to be aware and protect themselves in various ways. Clearly, the main focus on the dangers and opportunities for banks. A vital conclusion is that banks need to have started reacting many months ago.
The key assumption
The white paper assumes that: “This whitepaper assumes that, in practice, a service could provide both account information and payment initiation, even if the provider is a bank. This means that the customer will experience the service as being provided by one company, regardless of whether there are one or several legal entities providing the services together.” This is key to banks surviving and keeping control and they show how this can be achieved.
The report goes through the background, timeline and key implications of PSD2:
Source & Copyright©2017 - EVRY
Three PSD2 scenarios and strategies for taking advantage
This set the ground for the editorial team to review:
- Introduction framework
- Whether PSD2 will unify the European market for financial services?
- Will PSD2 be the end of banks’ monopoly?
- How will the change happen?
And then they develop strategies for (banks) on how to take advantage of PSD2.
The overall conclusion is that, “The uncertainty on how the financial industry might look like after the implementation of PSD2 is huge with banks going more and more cross-border.” And that there is going to be significant turmoil with banks:
- Some being a first movers
- Others providing great user experience
- Improving the use of big data
- Building innovative new products.
CTMfile take: Worth a download and read as the scenarios really show what the turmoil is going to be like and how it might affect corporates.
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