This is not just another compliance decree. PSD2 could change or even revolutionize the payments industry, in fact it actually mandates the idea of open banking!
In the past, the words ‘open’ and ‘banking’ seldom mixed. So, what is open banking?
Provocatively speaking, open banking suggests that “anyone” can have access to your bank account! Anyone, being a trusted 3rd party. With that, banks no longer have the monopoly on your account information!
But let’s start from the beginning! Back in October 2015, the European Parliament decided to promote innovative Fintech service providers e.g. for online and mobile payments. This means allowing access to bank data by third parties, by non-banks.