Fidor Bank: PSD 2 Becomes Law

Sophie Guibaud

VP of European Expansion at Fidor Bank

Views 218

Fidor Bank: PSD 2 Becomes Law

12.01.2018 08:30 am

PSD2 will likely usher in the biggest changes to retail banking we will see for a generation. 

However, with the deadline passing, consumers shouldn’t expect to see immediate changes to how they bank. For example, one part of the regulations, the Regulatory Technical Standards (RTS) on payment security, won't actually come into force until 18 months later. 

The simple fact is that some financial organisations are completely unprepared for PSD2, with research finding that as few as 9% of banks feeling they were ready, as of last month. While some have been ensuring that they are doing the bare minimum to comply with the regulation, most haven’t yet put themselves in a position to really make the most of the opportunities PSD2 brings.

Make no mistake though, PSD2 will change banking forever and for the better too. In the future, thanks to this legislation, consumers will have much more access to innovative online and mobile banking services far beyond what we are currently have. Meanwhile, it will level the playing field for competition amongst financial organisations, given the smaller, innovative operators a much better chance at being successful.

It is a win-win for both consumers and the financial industry.

 

Latest blogs

Ed Molyneux FreeAgent

MTD To Coincide With Brexit Leave Date

Making Tax Digital is going to be one of the biggest changes made to the UK tax system in history. Due to the ambitious scale of the policy, it can’t be rushed.  Read more »

Sophia Brooke SoftwareMill

Top 5 Critical Issues for Testing Mobile Banking Apps

The number of smartphones users worldwide is expected to grow from 1.8 billion in 2015 to an estimated 2.87 billion users in 2020 according to Statista. In the meantime, the number of people who have a bank account is expected to rise only by 700 Read more »

Koen Pelgrims Atos

Open Banking: the Landscape by 2025

Open Banking is here. The Second Payment Services Directive (PSD2) now requires banks to give any third party access to use payments data and launch transactions from a customer’s bank account, subject to permission. It’s a radical idea; and while Read more »

Breana Patel Bonova Advisory

How Important is Enterprise Risk Management?

Enterprise Risk Management.  Arguably the largest evolutionary change in risk management for financial institutions has been the elevation of the risk management function to a key role in firm management. Risk is truly an overriding firmwide concern Read more »

Marina Avseeva Investment Holding

European Fintech Buzzing with VC Investment

Keeping up to speed with trends in technology takes time and effort, especially when it comes to financial technology or fintech as it is commonly referred to as. Money is streaming in to fintech, and everything from how we bank to how we make Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App