Fidor Bank: PSD 2 Becomes Law

Sophie Guibaud

VP of European Expansion at Fidor Bank

Views 93

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.

 

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