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Different approaches to the regulation of new payments technologies is creating confusion and uncertainty for payments companies and consumers within different regions and between countries. This uncertainty risks impeding innovation... more
The post Varying regulation between regions hampers innovation appeared first on Payments Cards & Mobile.
PSD2 and Open Banking regulations need to be reformed says the head of Santander, the eurozone’s biggest retail bank, calling for the EU’s flagship new payments regulation to be reviewed to avoid hamstringing banks’ ability to compete with large technology groups. Ana Botín, executive chairman of Santander, told the FT that the EU’ s Second [...]
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Retail companies could become the new face of everyday financial transactions once the Revised Payments Services Directive, known as PSD2, goes into effect in the European Union in January. PSD2 requires banks to grant third-party providers – such as retail merchants – access to a consumer’s online account/payment services in a regulated and secure way, [...]
The post Retailers to benefit as banks open networks in compliance with new payments regulations appeared first on Payments Cards & Mobile.
Sometime it is difficult enough for the industry to keep up with new technology threats and opportunities domestically, let alone regionally or internationally. Given the frenetic pace with which new technology is hitting the market, it is understandable for industry professionals to focus on the technology and worry about how this will sit in the market [...]
The post Whose regulation is it anyway and why it is so important appeared first on Payments Cards & Mobile.
The European Parliament has set the 6 October as the date to vote on plans for a revised Payment Services Directive (PSD2) during its plenary session. PSD2 is set to replace the existing Payment Services Directive which has been in place since 2007. The new Directive would need to be implemented into national laws across the EU within two [...]