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PSD2, the new European directive that will change the financial business

PSD2, the new European directive that will change the business model of financial institutions.

Last April, along with a large number of financial institutions in our country, we attended a conference organized by Informática El Corte Inglés and CA Technologies to analyze the impact that the new PSD2 directive will have on the financial sector by having to give access to third parties to the clients information of the banking entities.

The new directive emphasizes improved competition with new account information and payment initiation services, enhanced security, greater customer comfort and protection, assurance of technology neutrality, contributing to integration Of European payment markets and facilitate innovation in payment services as well as security measures to protect transactions.

José Alberto de Luca, Head of Regulation and Credit Risk, participated as a Nfq representative and in his speech explained how the user will be in charge of authorizing a third party to execute payments on their behalf, giving rise to two types of providers, the initiators Payments and aggregators.

He also stressed that this measure will bring an improvement of the user experience by adding information, for example, on patterns of customers behaviours…

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