Paul Rohan

PSD2 is the second EU Payments Services Directive. It will lead to big changes in EU banking. Most recent regulations have harmonised EU payments. PSD2 is different. The changes are radical and it is breaking new ground. Information from a customer's payment account is very useful. It is a vital ingredient for developing financial products. For many years, only the bank providing the account had this information. If more providers get this information, innovation and competition will increase. PSD2 cracks open this information for all providers. PSD2 lets many service providers initiate payments and access data from an account. The customer needs to agree to this. Payments experts are not the only people impacted by PSD2. Product designers, risk managers, consultants, compliance officers, investors and bank customers should understand PSD2. This book explains PSD2 to business professionals who are not payments experts. It shows how payments data could be a key ingredient in new service innovations. It explains how the business models of traditional banks could change. PSD2 in Plain English avoids the jargon used by payments experts. The book carries the accreditation of a 'Plain English Book Mark'. This accreditation means the book's clarity has been independently assessed by the Plain English Campaign. The Book Mark requires clear layout and design. The language in the book is appropriate for the intended audience.

PSD2 in Plain English

Open Banking is an emerging and high-profile area in financial services. There is a 'market forces' definition of Open Banking. It refers to the use of Open APIs that enable third-party Developers to build applications and services around banks. There is also a 'regulatory' definition of Open Banking, focused on greater transparency and choices for bank account holders which is being enforced by regulators. Some commentators suggest that Open Banking could cure many ills in modern banking. The emerging Open Banking environment is often described as an Ecosystem. Healthy ecosystems have viable populations of various interacting species, ecosystem diversity, a constant evolutionary process and sufficient evolutionary potential. The potential interactions in an Open Banking Ecosystem interests many investors and entrepreneurs. Within existing banks, corporate strategists, technology specialists, business unit leaders and risk managers are also examining its impact on the landscape of financial services. As an Open Banking Ecosystem emerges, a central question must be the capability of existing banks to adapt and evolve into this new environment. Open Banking Strategy Formation examines the forces that are likely to influence the evolution of Open Banking at an industry level. The transition of the industry to Open Banking will come from a patchwork of deliberate and reactive changes by existing and emerging market participants. Open Banking Strategy Formation will help existing and new market participants to judge how and when their businesses can become part of the Open Banking Ecosystem.

Paul Rohan

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