By January 13th, 2018 EU member states have to put in force the directive 2015/2366/UE, known as PSD2
To regulate marketplace with an increasing complexity in terms of players and digital evolution.
The new Payment Services Directive (PSD2) introduces, for users who use an online account, the possibility of making payments or accessing banking accounts through software developed by authorised third parties (PISP and AISP). New players, if authorised, will be able to operate on the current accounts of end-users, clearly pointing to the risk of disintermediation between banks and their customers.
The most significant technical impact relates to the requirement of the Directive to facilitate access to accounts by external providers, to collect information or to process a payment.
The last version of “Strong Customer Authentication and Secure Communication (SCA)” was released January 2017.
API (Application Programming Interface) represent a specific architectural approach that ensures scalability, security, and code reusability. This solution would allow Banks to reduce integration costs by increasing their speed and providing an innovation platform for developers and phonetics as well.
Account Information Service Provider (AISP): a service provided to payment service users with online accounts, through which the payer can obtain, through an online platform, complete information on all his payment accounts, including If entertained with multiple PSPs; AISPs cannot use customer data or access their payment accounts for purposes other than those provided by the service;
With access to information through the OpenBanking project, Credit Data Research, it can offer its services in a simple and direct way to banks and business consultants for credit risk analysis and provide an innovative tool to companies that want to Improve their performance and improve dialogue with lenders.
The most significant technical impact relates to the requirement of the Directive to facilitate access to accounts by external providers, to collect information or to process a payment.
Read the article for Nesta’s Open Up Challenge by Alessio Balduini CEO of Credit Data Research
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