Opening up may be good for you: making PSD II access to accounts work in practice

Michael Salmony, Equens

A new open ecosystem – where banks can enable third parties to develop mobile banking apps and cash management solutions for them – has many advantages over the previous closed world, where everybody tried to do everything themselves. The key to successful “opening up” is to provide a standard interface, such as a smart phone to a bank account, that is accessible to third parties whilst retaining the necessary control.

PSD II: the devil is in the detail

Dealing with the

There’s a devilish amount of detail in the Payment Services Directive II (PSD II) and those responsible for implementing its requirements at financial institutions are only just now beginning to realise it. At last month’s Swift business forum in London, Emily Reid, partner at law firm Hogan Lovells, joked that payments regulation was a “growth […]

Preparing for PSD II

Jerry Norton, CGI, shares his views on what awaits us with PSD II

The European Commission’s upcoming PSD II legislation will bring big changes to the payments landscape in Europe. Banking Technology talks to Jerry Norton, VP of financial services at CGI, to find out more. In October, the European Parliament gave its approval to the level one text of the Payment Services Directive II, which aims to further the […]

PSD II: The Ayers Rock of payments?

The European Commission

Complying with the European Commission’s Payment Services Directive II is like climbing the massive sandstone bulk of Ayers Rock in Australia – you think you’ve reached the top, and then you realise you still have a long way to go, according to speakers at the recent European Payments Regulation conference in London.

EU Payment Services Directive 2: counting the costs and benefits

John Fernandez is legal counsel at PPRO Group

EU lawmakers reached a political consensus last week on a proposal for a new EU Payment Services Directive (PSD2). This follows several months of negotiations between European Parliament, the Commission and the Council of Ministers and marks a significant step in regulatory development within the payments market

Delegates voice frustration at slow progress on Open API rules during Swift event

The UK election has delayed progress on plans for a standard API

Open APIs offer the promise of a better, more efficient and more inclusive financial services world. But delegates at the Swift Business Forum in London voiced frustration about the speed and direction of progress being made during a session on the topic.