Whatever happens on October 31 - deal, no deal or no Brexit - the EU’s influence on financial technology and regulation will continue to be as relevant in the UK as it will be in the rest of Europe and further afield.
The EU’s second Payment Services Directive (PSD2) was due to come into effect in the UK last month, but the European Bank has allowed the implementation date to be pushed back by 18 months – it seems nearly everything that involves UK and EU agreement is subject to delay.
But the rules, including those around strong customer authentication, will come into force eventually and will represent something of a milestone for the traditional banks – albeit not one they were necessarily eager to reach, leading to the impression that they have been rather dragging their feet along the way.
PSD2, for example, will enable third party companies to access – with the customer’s permission – the bank’s application programming interfaces so that they can use that financial institution data and its functionality to build new services.
The slow pace of adoption of the new rules has also led Computer Weekly to predict that the British challenger banks will triple their global customer base over the next year.
Regardless of Brexit, or the speed of adoption of PSD2, or the success of the challenger banks, or indeed the involvement of third parties, our Onescan solution provides the basis for consumers, retailers, and all the other players in the payments field to securely and speedily authorise transactions. Transactions that meet the rules today and tomorrow and are ready for implementation now – with no delay.
Download our FREE Guide on PSD2 and find out more.