Preparing for PSD2
In the whitepaper ‘Preparing for PSD2’, developed by Finextra and CA Technologies, the implications of the EC’s revised Directive on Payment Services (PSD2) are discussed. The aims are clear. It is designed to enhance consumer protection and convenience, improve the security of payment services and promote innovation and competition.
"While these aims are simple to express, the implications of PSD2 for payments industry participants, both established and new, are wide-ranging and complex," Jurgen Vroegh, global head of Payments at ING, added to the discussion. "PSD2 is a major milestone on the way to an open financial services market. It will be a great test for a range of companies who need to rethink and redefine their business models - including us. This is really the game changer of the decade - the inevitable, unstoppable opening up of the payments infrastructure for competition and new entrants."