Giving computers specific instructions is not nearly as fruitful as teaching them to write their own. Machine learning is the buzzword everyone is talking about since the past few years. However, it is NOT just a buzzword! Banks and fintech startups are working smarter rather than harder on providing innovative finance-based solutions.
Open banking will revolutionise the payments value chain by enabling third-parties to build services on top of banks’ data and infrastructure. In the near future, you may be using Facebook or Google to pay your bills and making P2P transfers while your money is still safe in your bank account. The PSD2 regulation does not come without concerns.
PSD2 (Payments Systems Directive 2) is a EU wide regulation that will impact financial institutions already operating within the scope of the Payment Services Directive of 2009, but also extends to operators of e-commerce marketplaces, gift card and loyalty schemes, bill payment service providers, public communication networks, account access services, mobile wallets and parties involved in digital or electronic payments.