PSD2 is coming.
Lest that sound like a teaser for the newest Game of Thrones season, there is indeed a sea change coming to financial services — one that ostensibly will open the door to greater competition in Europe. Short for the Revised Payment Service Directive, PSD2 lifts banks’ total claim on customer account data and payment activities.
To be sure, the directive, which allows banking customers across the consumer and corporate spectrum to choose third parties to assist with and manage financial activity, does not take effect until January 2018. And in one recent directive, the European Banking Authority — in a complimentary effort alongside PSD2 — announced the intention to outlaw “screen scraping,” which is browser interaction that is automated. That comes as part of a Regulatory Technical Standard, or RTS. To get technical for a moment, the direct customer user interface is automated, with the customer’s permission. But controversy surrounds the fact that banks shall be able to deny this by offering instead a proprietary API to their platforms for data sharing.
Read more at: Fintech News