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By Arnd HEßELER, Christian LEGENY and Gina PASKE, zeb consulting
The European banking industry has recently been under intense regulatory pressure with a focus on enhanced investor protection, increased capital adequacy and reporting. Payment Services Directive 2 (PSD2) has a completely different application. The European Banking Association aims to change the retail banking sector as we know it. Clients will receive previously unattainable freedom to determine how and where to bank and who to give access to their account data. This change creates unparalleled opportunities for banks, FinTechs or any other online providers that are willing to look beyond the compliance requirements and leverage PSD2 for a business advantage.
Over the past few...
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