Could PSD2 revolutionise the industry?

With all the focus on MiFID II and PRIIPs at the beginning of the year, it is no surprise the introduction of EU regulation PSD2 has gone largely unnoticed.

The revised Payment Services Directive (PSD2) kicked in on 13 January, allowing third parties access to banks' customer current account information, as well as to facilitate payments through their own front-end digital platforms. Its aim is to open up and grease the wheels of the EU payments market, while encouraging price competition and make payments safer and more secure. Although banks and fintech companies have already recognised the potential of this change, it could also prove advantageous to asset managers and financial planners, according to Alpha FMC's Kevin O'Shaughnessy. ...