PSD2: unintended consequences

In this article with FX-MM, Robert McKay, Managing Director at Accuity, looks at the new regulations surrounding the payments area and whether the benefits of PSD2 for consumers, banks and payments service providers would be offset against the inhibition of straight-through processing. With the recent changes in open APIs, there have been banks who have wholeheartedly embraced the possibilities, using this new technology to protect customer retention or increase market share. There has also been a rise in the number of players in the payments space, with greater flexibility for customers to view, manage and initiate payment services without necessarily relying on their primary banking relationship.

With PSD2, there are now new questions being asked about how blockchain technology can disrupt traditional, inefficient processes and reduce the banks’ role as intermediary – but also what this means for payment validation and correction and whether that due diligence should now be expected to be taken on by these new payment service providers. While PSD2 gives greater access to the market for service providers, the customer should remain the key focus for all further innovation.

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