The EU Revised Payment Services Directive, or PSD2, came into effect January 2018. While this expansive regulation includes numerous updates, the requirement for financial institutions to participate in an open banking system is arguably the most disruptive. PaymentsJournal
In the early days of financial technology (fintech), there was a somewhat distant relationship between fintech startups and traditional banks. Some spoke of how fintechs were going to “disintermediate” banks. Microsoft Industry Blogs
Banks face some big challenges in the year ahead, according to American Banker, which listed ways technology will change banking in 2019. Some of the steps look pretty basic, which may reflect on the problems with legacy systems, and suggests some of the advantages new banks could enjoy with new technology. Read the full story in The Financial Revolutionist.
Next-generation payments software technology provider Episode Six today announced Dai Nippon Printing Co., Ltd. (DNP), one of the world’s largest comprehensive printing companies, will license its software for use in a new and innovative Japan-based payments program. With this partnership, advanced ledger and transaction management capabilities offered through Episode Six are being introduced to the broader Asian market, spearheaded by DNP’s adoption.*BanklessTimes
What’s the holdup on utilizing technology to expedite B2B payments? The short answer is: Change is hard. But, thankfully, due to global regulatory initiatives we can expect financial institutions to adopt new B2B tech sooner rather than later. PaymentsSource
As the European Union launches its open banking initiatives, EU citizens are already becoming accustomed to further transparency on part of their banks. Agencies in the U.S., however, have yet to adopt such regulations, which is why open banking in the country will be driven by consumer preference. Read the full story in Bank Innovation