The Payment Services Directive 2 (PSD2) for Open Banking is now a binding E.U. regulation. After several compliance deadline extensions, it finally became law on New Year’s Day 2021. And, as a study completed this month reveals, it’s now the eye of a perfect Banking Storm – because banks are still grappling with the technology projects required to comply.
Also, as Open Banking transforms financial services, many will find it tough to surf the tsunami of product and service innovation, offering their customers unlimited choice and control over everything from account aggregation and payments to FX and loyalty.