The Future of Open Banking: Exploring PSD3 and Its Implications for Banks & FIs
The Payment Services Directive 3 (PSD3) is an important breakthrough that promises to take the open banking paradigm to new levels and completely transform the financial landscape in the future. PSD3 is expected to put into effect shortly, significantly broadening the scope of data sharing by regulating that banks and FIs disclose consumer data accessible to third-party providers. It is vital to recognise the enormous potential this evolution offers, yet some people would find this to be concerning.
Open banking has already demonstrated its capacity to promote innovation, improve the consumer experience, and increase competition. And hence, banks and FIs that adopt PSD3 will likely emerge as leaders in the industry, capable of quickly adjusting to new conditions and taking advantage of collaborative opportunities.
In this E-Book, we will delve into how PSD3 implementation can help both customers and financial institutions adapt to the ever-changing digital landscape, enabling customers to take advantage of more personalised and convenient banking options while also encouraging financial institutions to keep up with the times.