New regulation affecting the EU payments market that kicks in this week could prove advantageous to asset managers and financial planners, said Alpha FMC's Kevin O'Shaughnessy.
The revised Payment Services Directive PSD2 will allow third parties access to banks' data, such as customers' current account information, and will facilitate payments through their own front end digital platforms. The aim is to open up and grease the wheels of the EU payments market, while encouraging price competition and making payments safer and more secure. Member States, including the UK, must make the Directive law by 13 January. O'Shaughnessy, director at the wealth and asset management consultancy, said the regulation could benefit D2C propositions and wealth managers who of...
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