Conclusion

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.

Issued by HSBC Bank plc (“HSBC”). HSBC does not warrant that the contents of this document are accurate, sufficient or relevant for the recipient’s purposes and HSBC gives no undertaking and is under no obligation to provide the recipient with access to any additional information or to update all or any part of the contents of this document or to correct any inaccuracies in it which may become apparent. The recipient is solely responsible for making its own independent appraisal of any investigation into the products, services and other content referred to in this document. This document should be considered in its entirety and shall not be photocopied, reproduced, distributed or disclosed in whole or in part to any other person without the prior written consent of the relevant HSBC group member. HSBC Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It is listed with the registration number 114216. HSBC Bank plc is a company incorporated under the laws of England and Wales with company registration number 14259 and its registered office at 8 Canada Square, London E14 5HQ.

Copyright: HSBC Bank plc October 2017. ALL RIGHTS RESERVED.

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