WAY FORWARD: Paper explains how PSD2 regulations will impact on European banking
Significant confusion and a high level of fragmentation can be expected over the next five years as European financial institutions become accustomed to new regulations under the Payment Services Directive (PSD2) which will open the door to new competition within the European payment services market, says Nordea Bank’s vice president of strategic business development, transaction banking and business innovation.
PSD2 will require banks to adopt a “totally new way of viewing their customer base,” Liisa Kanniainen tells readers in an in-depth paper now available to download from the NFC World Knowledge Centre, before explaining why banks are better positioned than new market entrants to continue providing payment services because of their existing customer base, payments market knowledge, reliability and compliance.