(r)Evolution

PSD2, Open Banking and the future of payment services. 

July 20, 2020

The way we bank and make payments is changing faster than any other financial services area. New technology and changing customer expectations are shattering the status quo and ushering in a growing number of new players that are challenging the traditional role of banks. 

This new research report by Seed, sheds light on the adoption by local credit and financial institutions of Europe's Second Payment Services Directive (PSD2) which introduces the concept of Open Banking within its regulatory framework. To gauge the Directive's impact and measure the level of preparedness in the financial world, we undertook a qualitative and quantitative research study of representatives from close to 20 leading credit and financial institutions. We have used the results to inform this report.

As Seed, we are convinced that the future is one of an Open Banking world. But we are equally convinced that only those players that proactively shape their own future will succeed in it. 

 

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