What will the impact of technology be? We also use third-party cookies that help us analyze and understand how you use this website. <> <> © 2020 The Hydrogen Technology Corporation, infrastructure compatible with open banking, blockchain components to these applications, 6 Examples Of Embedded Finance Changing The Future, Hydrogen Recognized as a 2020 Benzinga Fintech Listmaker. uuid:74e04c98-e127-4be1-a727-4a61700f2500 The communication between Third Party Providers and Banks. PSD2 aims to: <> What is PSD2 in a nutshell? If your business currently operates in the EU or may be operating there soon, you need to know what PSD2 is and how to achieve compliance. PSD2 in a nutshell | n.5. <> Although PSD2 has some things in common with PSD1, companies hoping to enter the EU market will still need to adjust to the new requirements. If you are looking for a way to respond to PSD2, and the worldwide push toward open banking, please contact us for more information today. 8.266944444444444 simplify banking rules to regulate payment services across the European Union. 348 0 obj 56 0 obj endobj endobj 2017-06-09T04:37:05.000-04:00 34ab18b14fb32e26cce158de3aa07f8acded0dc0 <>/Metadata 1326 0 R/Pages 2 0 R/StructTreeRoot 51 0 R/Type/Catalog>> The use of APIs will also allow third-party developers to build customer-focused solutions using technology across the financial services landscape. Many companies are developing innovative tools and services addressing the major pain-points of customers. A lot of opportunities are out in the market and, with the rapid worldwide emergence of fintech organizations, we can see solutions meeting customers’ requirements effectively. Considering the main purpose of PSD2, the UK government established the concept of Open Banking with the idea of encouraging competition and decrease service costs for consumers. Strong Customer Authentication and common and secure communication under PSD2 437 0 obj Lending rates in Europe witnesses all time low, a new paradigm trend begins, Open Banking implementation in the lending industry, Digital transformation of end-to-end lending journey. [347 0 R 349 0 R 352 0 R 353 0 R 354 0 R 355 0 R 356 0 R 358 0 R 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R 366 0 R 367 0 R 368 0 R 369 0 R 370 0 R 371 0 R 372 0 R 373 0 R 375 0 R 376 0 R 377 0 R 380 0 R 381 0 R 385 0 R 386 0 R 387 0 R 391 0 R 392 0 R 393 0 R 397 0 R 398 0 R 399 0 R 400 0 R 401 0 R 402 0 R 403 0 R 404 0 R 405 0 R 406 0 R 407 0 R 408 0 R 409 0 R 410 0 R 411 0 R 412 0 R 413 0 R 414 0 R 415 0 R 416 0 R 417 0 R 418 0 R 419 0 R 420 0 R 421 0 R 422 0 R 423 0 R 424 0 R 425 0 R 426 0 R 427 0 R 428 0 R 429 0 R 430 0 R 431 0 R 432 0 R 433 0 R 434 0 R 435 0 R 436 0 R 437 0 R 438 0 R 439 0 R 440 0 R 441 0 R 442 0 R 443 0 R 444 0 R 445 0 R 446 0 R 447 0 R 448 0 R 449 0 R 450 0 R 451 0 R 452 0 R 453 0 R 454 0 R 455 0 R 456 0 R 457 0 R 458 0 R 459 0 R 460 0 R 461 0 R 462 0 R 463 0 R 464 0 R 465 0 R 466 0 R 467 0 R 468 0 R 469 0 R 470 0 R 471 0 R 472 0 R 473 0 R 474 0 R 475 0 R 476 0 R 477 0 R 478 0 R 479 0 R 480 0 R 481 0 R 482 0 R 483 0 R 484 0 R 485 0 R 486 0 R 487 0 R 488 0 R 489 0 R 490 0 R 491 0 R 492 0 R 493 0 R 494 0 R 495 0 R 496 0 R 497 0 R 498 0 R 499 0 R 500 0 R 501 0 R 502 0 R 503 0 R 504 0 R 505 0 R 506 0 R 507 0 R 508 0 R 509 0 R 510 0 R 511 0 R 512 0 R 513 0 R 514 0 R 515 0 R 516 0 R 517 0 R 518 0 R 519 0 R 520 0 R 521 0 R 522 0 R 523 0 R 524 0 R 525 0 R 526 0 R 527 0 R 528 0 R 529 0 R 530 0 R 531 0 R 532 0 R 533 0 R 534 0 R 535 0 R 536 0 R 537 0 R 538 0 R 539 0 R 540 0 R 541 0 R 542 0 R 543 0 R 544 0 R 545 0 R 546 0 R 547 0 R 548 0 R 549 0 R 550 0 R 551 0 R 552 0 R 553 0 R 554 0 R 555 0 R 556 0 R 557 0 R 558 0 R 559 0 R 560 0 R 562 0 R 563 0 R 564 0 R 565 0 R 566 0 R 567 0 R 568 0 R 569 0 R 570 0 R 571 0 R 572 0 R 573 0 R 574 0 R 575 0 R 576 0 R 577 0 R 578 0 R 579 0 R 580 0 R 581 0 R 582 0 R 583 0 R 584 0 R 585 0 R 586 0 R 587 0 R 588 0 R 589 0 R 590 0 R 591 0 R 592 0 R 593 0 R 594 0 R 595 0 R 596 0 R 597 0 R 598 0 R 599 0 R 600 0 R 601 0 R 602 0 R 603 0 R 604 0 R 605 0 R 606 0 R 607 0 R 608 0 R 609 0 R 610 0 R 611 0 R 612 0 R 613 0 R 614 0 R 615 0 R 616 0 R 617 0 R 618 0 R 619 0 R 620 0 R 621 0 R 622 0 R 623 0 R 624 0 R 625 0 R 626 0 R 627 0 R 628 0 R 629 0 R 630 0 R 631 0 R 632 0 R 633 0 R 634 0 R 635 0 R 636 0 R 637 0 R 638 0 R 639 0 R 640 0 R 641 0 R 642 0 R 643 0 R 644 0 R 645 0 R 646 0 R 647 0 R 648 0 R 649 0 R 650 0 R 651 0 R 652 0 R 653 0 R 654 0 R 655 0 R 656 0 R 657 0 R 658 0 R 659 0 R 660 0 R 661 0 R 662 0 R 663 0 R 664 0 R 665 0 R 666 0 R 667 0 R 668 0 R 669 0 R 670 0 R 671 0 R 672 0 R 673 0 R 674 0 R 675 0 R 676 0 R 677 0 R 678 0 R 679 0 R 680 0 R 681 0 R 682 0 R 683 0 R 684 0 R 685 0 R 686 0 R 687 0 R 688 0 R 689 0 R 690 0 R 691 0 R 692 0 R 693 0 R 694 0 R 695 0 R 696 0 R 697 0 R 698 0 R 699 0 R 700 0 R 701 0 R 702 0 R 703 0 R 704 0 R 705 0 R 706 0 R 707 0 R 708 0 R 709 0 R 710 0 R 711 0 R 712 0 R 713 0 R 714 0 R 715 0 R 716 0 R 717 0 R 718 0 R 719 0 R 720 0 R 721 0 R 722 0 R 723 0 R 724 0 R 725 0 R 726 0 R 727 0 R 728 0 R 729 0 R 730 0 R 731 0 R 732 0 R 733 0 R 734 0 R 735 0 R 736 0 R 737 0 R 738 0 R 739 0 R 740 0 R 741 0 R 742 0 R 743 0 R 744 0 R 745 0 R 746 0 R 747 0 R 748 0 R 749 0 R 750 0 R 751 0 R 752 0 R 753 0 R 754 0 R 755 0 R 756 0 R 757 0 R 758 0 R 759 0 R 760 0 R 761 0 R 762 0 R 763 0 R 764 0 R 765 0 R 766 0 R 767 0 R 768 0 R 769 0 R 770 0 R 771 0 R 772 0 R 773 0 R 774 0 R 775 0 R 776 0 R 777 0 R 778 0 R 779 0 R 780 0 R 781 0 R 782 0 R 783 0 R 784 0 R 785 0 R 786 0 R 787 0 R 788 0 R 789 0 R 790 0 R 791 0 R 792 0 R 793 0 R 795 0 R 798 0 R 800 0 R 803 0 R 804 0 R 805 0 R 806 0 R 807 0 R 809 0 R 812 0 R 814 0 R 817 0 R 818 0 R 819 0 R 820 0 R] 1 0 obj PSD2 is revolutionary as it opens up banking and finance sector to non-bank participants. This includes banks and financial service providers based in the UK, although it is important to note that the UK government did not write into law the portion of PSD2 that requires pricing transparency for foreign currency transactions. 51 0 obj 823 0 obj GMH 3 PSD2 in a nutshell The most significant impact on a technical level is the request by the Directive to facilitate operations that access accounts from external providers, in order to collect information or process a payment. endobj AISP is meant to provide an overview of customer’s payment account details with an aim to make banking simpler for consumers.