Rather like the Web did in the early 21st century, open application programming interface (open API) is set to radically transform the industry and the winners will be those who recognise and utilise its potential.
The European Union’s revised Payment Services Directive (PSD2) will be a game changer for the financial services industry when it takes effect in 12 months’ time. How should each party that will feel the impact of PSD2 be responding?
Various factors are forcing banks to decide whether or not they will continue to operate in the cross-border payments space. This article examines the pressures that are putting a strain on the current model.