Digital disruption has been brewing in the financial services industry for some time. Global VC & PE investments in FinTech have surged from USD 1B globally in 2009 t0 >USD 20B in 2015, creating a wealth of agile, innovative competitors across the banking value chain — particularly in personal & SME banking, where the customer experience is a key driver of differentiation.
The Revised Directive on Payment Services (PSD2) has generated a great deal of news lately, as banks and payments providers in the European Union prepare (and in some cases, panic) for the 2018 compliance deadline.
The European Banking Authority (EBA) has developed a formula for calculating the level of professional indemnity insurance, or other comparable guarantee, that some businesses in the EU payments market will have to put in place under the revised Payment Services Directive (PSD2).
For those who experienced the roller coaster that was Europe’s implementation of the Payment Services Directive (PSD1) – here comes Payment Services Directive 2 (PSD2). And before the initiatives outlined in PSD1 have been fully dealt with.
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