On the 15th of January, KPMG attended the PSD2 in Business event, organized by Holland Fintech. An interesting line-up of speakers including Klarna, Privacy First, DNB and ACM spoke about the impact from PSD2 that was effectuated two days earlier. At least: should have been effectuated, but the Netherlands and 19 other European countries are late in transposing the Directive into national legislation. Furthermore the so-called Regulatory Technical Standards (RTS) will not kick in until Q4 2019. Therefore there is still time for the industry to prepare and organize for the upcoming changes of PSD2.
During the event, it remained absolutely silent when speakers were asked how PSD2 will impact the financial sector and which potential use cases are viable. Being explicit about use cases that result from PSD2 regulation is neither beneficial to fintechs or regulators. Fintechs face a commercial risk when they display innovations to competitors. Regulators aim to ensure stability thereby not triggering industry disruption. Key reasons for the relative silence. KPMG earlier discussed Governments’ role in the evolution of fintech, where PSD2 is a living example of innovation driven by regulation.
A first mover advantage will definitely not be provided by a sit and wait strategy, listening to what others do. If parties do not want to miss the boat, they should stimulate innovation driven from inside their own business. KPMG supports and facilitates financial institutions by PSD2 assessments and our innovative Open Banking lab approach. In this three day laboratory setting, we dive into Open Banking strategies, explore use cases and investigate the impact on operating models. Read more about this approach.
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