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Tag archive: PSD2
Interesting times in the world of payments
18
Oct
2018
In all fifteen years that I have worked in the world of payments, I have never seen a more interesting period than the past few years. Just think about it: in the past, banks led major developments in the payment industry, which usually lasted for decades. ATMs, for example, have existed for more than half […]
‘Why are there no European companies competing in the battle for global payment solutions?’
18
Oct
2018
Europe is largely dependent on non-European systems, such as PayPal, for cross-border (card) payments. The reason for this is that there is still no European payment system for the whole continent, partly because European banks mainly focus on serving their national markets. In the development of new payment services, this must change, says Yves Mersch, […]
Why banks are gradually embracing PSD2, fintechs and Instant Payments
18
Oct
2018
Banks closely monitor how technological innovations are rapidly disrupting the payments landscape. The introduction of Instant Payments, competition from fintechs and the PSD2 regulations continue to put the business models of banks under extreme pressure. Liz Oakes, Associate Partner at McKinsey & Company, explains why it is good that banks, partly under pressure from the […]
‘Going digital is not the goal, it’s just a tool’
18
Oct
2018
Mobile first has been the philosophy of BNP Paribas, one of the largest banks in the eurozone, for two years now. Not that strange, because the number of French customers that visit the bank only via their smartphone has risen explosively in the past four years: from 175.000 to 1.2 million. Out of a total […]
‘The fragmented payment landscape leads to more complexity and security concerns for consumers’
18
Oct
2018
Five years ago, visiting a physical banking branch for cash or advice was a given. In a short time, however, mobile payment solutions have largely replaced these visits. Not just banks, but also third parties have created new mobile payment solutions, often in the form of apps and digital wallets. The result: multiple wallets and […]
What did early adopter Nordea learn about opening up customer data?
18
Oct
2018
Nordea was the first bank in the Nordics that stepped into the new world of Open Banking. The 200-year-old Nordic bank – which is headquartered in Finland since this month and has approximately eleven million customers – has been offering third parties access to real customer data since December 2017, after several pilot activities earlier […]
Banks and third parties can both profit from XS2A
23
Mar
2017
The European Banking Authority (EBA) recently published the final draft of the Regulatory Technical Standards on Strong Customer Authentication, which is a crucial part of the PSD2 legislation. This final draft is the starting point for companies to bring their new products to the market. And although banks generally seem to believe that the regulation […]
Banks well and ready for PSD2 innovation surge
13
Feb
2017
If you ask Gijs Boudewijn, deputy director of the Dutch Payments Association, payment processing will become increasingly automated in the future and will become part of a seamless user experience following the formal implementation of the new Revised Payment Service Directive (PSD2) next year. And this is just one of the many changes we can […]
Making PSD2 access to accounts work in practice
20
Dec
2016
There is a massive trend in many industries for co-development of solutions. Apple does not develop all apps themselves but provides a platform for others. Supermarkets do not bake the bread themselves but provide shelves for others to populate. Amazon does not produce own books and electrical goods but provides the means for others to […]
PSD2: blessing or a curse for interoperability?
16
Nov
2016
The PSD2 guidelines are not necessarily the solution to a better interoperability in the European banking world. Banks will update their legacy systems because of these guidelines, which should ensure the harmonization and standardization of payments. But the risk of fragmentation lies in wait, says chairman of the e-Payments committee of Ecommerce Europe Paul Alfing.
