EXCLUSIVE – Major European payments regulation, PSD2 is set to go live tomorrow in Europe.
Banks across the European Union have been preparing for the revised Payment Service Directive or PSD2 since it was first passed in 2015 by the Council of the European Union.
The main objective of this new regulation is to level the playing field and promote pan-European participation in the payments space for both banks and non-banks, including fintechs. Starting tomorrow, European banks will have to offer third-party financial services providers access to their customers’ accounts through open APIs, leading many from the industry to predict a big uptick in bank and fintech partnerships.
PSD2 is set to go live tomorrow on Jan. 13, less than two weeks after another major regulation called MiFID II (or Markets in Financial Instruments Directive 2) went into effect. (More on that here).
To learn more about European fintechs and fintech regulation, just us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to request an invitation.Like This Post