With the introduction of Open Banking and PSD2 in the UK and Europe, the world is watching to see how organizations create new approaches to securely manage and share bank account information. There are two primary factors driving the push for innovation in payments: new regulations and heightened competition.
Whether you’re a consumer or a business of any size, bank customers and payment service users now have the opportunity to benefit radically from the widespread innovation that’s happening in the payments industry. With an unprecedented amount of technological innovation and faster payments evolution, how can your organization effectively respond to rapidly changing payments regulations?
A variety of dynamic new developments are driving fast-paced change within the payments environment, such as:
- Regulations which encourage greater innovation and competition
- Entrants to the market, both banks and non-bank fintechs
- Requirements for Anti-Money Laundering (AML) and Financial Crime Compliance
- Payment instruments and formats
- Technology, in particular the adoption of cloud
- Central infrastructure payment systems in a growing number of countries
- The widespread roll-out of real time payment systems
With a plethora of changes within the payments sphere, it is not surprising that some banks are feeling increasingly pressured. Because of this, there has never been a greater need for trusted advisors to help ease the process of complying with these new requirements while also helping organizations develop winning propositions for their customers.
This is the first installment of a five-part series revealing how banks can develop successful strategies to maintain and grow their customer base while complying with new payments requirements. Be sure to subscribe to stay on top of this series and help your organization take advantage of new opportunities in the payments revolution resulting from PSD2 and Open Banking changes.