Open Banking and PSD2 are already having a major influence on the banking and payments industry, not just in the UK and Europe, but also around the world. These important requirements are driving a new approach to sharing bank account information and managing payments more securely which will give rise to exciting new services and business models. This can only be good news for bank customers and payment service users, whether they are consumers or businesses of all sizes.
Many countries around the world are watching closely developments in the UK and Europe and are already designing their own versions of this new approach to managing data and payments. Some of these changes are happening as a result of new regulations around the world, but in other cases it is simply competitive forces which are driving innovation.
The purpose of this white paper is to offer banks / payment service providers guidance on what they need to do in order to respond to the opportunities and threats presented by new regulations such as Open Banking and PSD2 and how to comply with their new security requirements, while ensuring payment service providers develop winning value propositions for their payment services.
Banks and fintechs are increasingly realising that the small business and corporate sectors represent a rich opportunity to offer exciting new value propositions.
White PaperOpen Banking: Changing the Way Businesses Pay and Get Paid
The way businesses and banks pay and get paid is changing. There has never been a period of such radical shift in the payments landscape. Many of these changes are driven by regulation, so businesses and banks will need to ensure they are compliant with the new rules and payment schemes. But these transformations will also bring many exciting opportunities to make payments easier, faster and more secure.
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