Compliance or opportunity? EU institutions grapple with open banking implications

The passage of the European Banking Authority’s Second Payment Services Directive (PSD2) has both challenged the banking community and presented a wealth of opportunities. PSD2 is first a compliance initiative, but its ultimate promise is to create a more consumer-centric Open Banking environment that also enables new and existing providers to engage with their customers.

Fiserv recently released FinKit™ for Open Banking, a solution designed to help financial institutions get and stay compliant while building a platform equipped for long-term innovation.

We talked to Nick White, vice president, product and marketing, Digital Banking Group, Fiserv, to get a better understanding of how the process has gone, where it’s headed and how banks can maximize the opportunity.

We’re nearly three months past the deadline for the nine largest U.K. account providers (CMA9) to implement the Open Banking standard as required by the Open Banking Implementation Entity. What’s your perception of the progress so far?

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