The impact of PSD2 in the payment market has been disruptive. Kees Neven, COO Enable-U, calls on banks: “Organize your APIs”
PSD2 has major implications for banks and the financial sector as a whole. Banks will lose the exclusive right to access bank accounts. The playing field is cleared for FinTech startups.
PSD2, the successor of the Payment Services Directive introduced in 2007, is paving the way for many new entrants to the payments market that have no affiliation with a bank. Financial startups with smart technology will soon be able to tend to the needs of the customer better than a bank. How can banks be succesful in this situation of intensifying competition?
Two options: specialize or add value
The threat posed by PSD2 now, according to Kees Neven, can be turned into an opportunity. To make this an opportunity, it is essential that banks will review their business model. And this leads to two options: you either choose to focus on one task that you do very well, or you connect, share and unite information in order to add value to a service. Whichever option the bank chooses, APIs are at the heart of the strategy.
The full blog Kees Neven, COO Enable-U, on fm.nl: PSD2 disruptes the payment market – banks need to prepare!
In this white paper we discuss the guidelines, impact and steps to take if you want to be PSD2-ready.