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PSD2 & Open Banking Standard
Transform challenge into opportunity with identity and access management
Spearheaded by the European Banking Authority, PSD2 (an update to the 2007 EU Directive on Payment Services) requires banks, building societies and credit unions to expose open APIs to other banks and third-parties to allow them access to customer account information with customer consent.
Taking PSD2 a step further, the UK’s Competition & Market Authority issued its Open Banking Standard. Similar to PSD2, it requires that financial institutions operating across the UK expose open APIs. But unlike PSD2, the Open Banking Standard prescribes open API standards. Both PSD2 and the Open Banking Standard require compliance by January 13, 2018 PSD2.
Those affected by these new regulations face a big challenge—and an even bigger opportunity. The leaders who rise to the challenge first can solidify their competitive advantage, not to mention their customers’ loyalty and pocketbooks. Read this eBook to discover how your institution can be among the first to do so.