Many in the industry believe PSD2 – along with Open Application Programming Interfaces (API) – will accelerate the digital economy in banking services.
Banks will need to open up legacy systems with APIs and, through the use of Open APIs, third-party developers will be able to build applications and services around the financial institution's systems. These applications and services will provide access to the traditional banking infrastructure. For customers, this will enable them to see and manage their finances through a portal not set up or maintained by their bank(s). Customers will also be able to move money between accounts when viewed in an aggregated format.
Implementing the directive doesn't mean customers and merchants will be able to take advantage of the benefits. Compelling propositions that help all parties do what they need to in a 'frictionless' way will make all the difference and that is where HSBC will be focusing its attention.
PSD2 should increase competition with new value propositions, services and solutions with the increase of online shopping and e-procurement.
|As a leading payments provider, HSBC is looking forward to the new opportunities that PSD2 will bring, including service offerings that were not previously available to clients. We are currently working on our proposition for corporate clients and will be launching this in the near future.|
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