How PSD3 Could Close the Gap Between Implementation and Actual Adoption
The PSD2 directive, introduced in 2018, was meant to drive innovation and competition in the market. It was introduced in response to rapid technological developments that had already disrupted traditional banking systems with the proliferation of smartphones, data analytics, and the Application Programming Interface (API) economy.
The upcoming update to the Payment Services Directive, or PSD3 as it may be called, could address the regulation issues and other concerns associated with PSD2, and amend them to better suit the needs and capabilities of the various participants in the payments industry.
In this whitepaper, we explore the flaws of the EU’s Second Payment Services Directive and how PSD3 can help overcome them.
Have banks been looking at it wrong? Discover their approach regarding PSD2 and how more and more countries are now carving out their open banking regulatory frameworks.