A new regulatory wave is coming. and we’re not talking about that little 2-feet kiddy swell, that let’s you wonder if it’s even worth getting wet – PSD2 is coming with a roar, an impressive height at the horizon – and it’s coming in the shape of a massive, large wave.
Whoever wrote the script had a strategic thinking hat on. Because rather than regulating payments only, PSD2 sets the standard for API’s across a much broader scope, that makes it a full fledged Open Banking/ API regulation, critical to many Fintech Business models.
In our recent study, we looked at what PSD2 may bring – and how the industry is looking at it.
In a nutshell, respondents fall into 3 camps: at one end of the spectrum, some are scared, the size, the risks – it feels like yet another big regulatory challenge, paddeling out, getting washed in the barrels, and lots of effort required. A large, rather passive “middle ground” camp are just waiting, feet planted in the sand. Is the wave really coming in? who will paddle out? who won’t? is it safe to go out there now? who’s taking the first spots in the line up?
And then there’s the camp that sees PSD2 as a strategic opportunity – to increase revenues, to connect (literally) via API’s to the best that the Fintech ecosystem has to offer for them. Enhancing their offerings or building entirely new offerings. These are the ones already paddling out and chosing the best spot in the line up, already now.
Stay tuned. in 2017 the details of the API data interface will be defined and clear. That’s when the full Impact will come into view. We think: PSD2 will become an important part of the emerging Fintech-related regulatory framework.
Wax your boards!