15 May PSD2 AND XS2A – REGULATION OR OPPORTUNITY?
The survey on PSD2 and Access to Accounts (XS2A) executed by Finextra in March and April clearly demonstrates that EU banks in particular view this regulation as a business opportunity to modernise their bank and embrace new and external services. Banks outside the EU might not be affected by PSD2 but clearly recognise Access to Accounts and API banking as future trends towards open app store banks.
The survey, sponsored by FIS, targeted financial institutions worldwide to take a snapshot of how banks in Europe are reacting to the Payment Services Directive 2 (PSD2) and what other banks worldwide think about some of the trends in Open Access and payments innovation that underpin the proposed legislation. 103 respondents from 64 institutions in 28 countries participated.
- Although confidence about full awareness of PSD2 is relatively low at 37%, banks are rethinking their retail revenue models in this context (55%)
- 88% of respondents view security as the major concern and 60% are concerned about liability issues and the lack of clarity in the current PSD2 draft
- 66% of banks state they intend to create their own app store on the back of PSD2
- Recommendations are needed about clear and fair liability and revenue sharing as well as clearer definitions and guidelines on security and credential sharing
The report concludes with two perspectives by industry experts Dave Birch and Dr. Michael Salmony on PSD2, its opportunities and recommendations for the industry to move this legislation forward in the interests of banks, customers and external service providers alike.
Get the full report by Finextra here
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