You can now accept payments directly from your customers' bank accounts. Powered by the Open Banking revolution.
Focused specifically on Open Banking and PSD2, it considers the impact this initiative will have on corporates and financial institutions alike, and looks at how cloud-based technology can insulate customers from the effects of continuing change, whilst optimising the way payments are processed.
The proposed regulatory, technological and operational changes will transform the UK payments landscape between now and 2023.
The principal milestones are Open Banking, the revised Payments Services Directive (PSD2) and the creation of the UK New Payments Architecture (NPA). These pivotal initiatives will drive the introduction of new payment processes and instruments, known as Overlay Services, such as Request to Pay, Enhanced Data and Confirmation of Payee.
We are all familiar with the revolution of Open Banking in the financial industry. It promises to drive innovation and make it easier for customers, banks and other third-party providers to share data but what does this really mean for your business and how can Open Banking affect you?
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