Abstract
The publication examines the impact of the PSD2 directive on digital banking and open banking. New technologies and digitalisation in the banking sector have enabled the emergence of new approaches in the provision of banking services based on data sharing between banks and other financial market participants.
The adoption of PSD2 represents a regulatory intervention that has enabled third party access to payment accounts while providing technological standardisation and a secure interface for sharing payment account information. This has led to the emergence of new financial products and services that use payment account data and support the use of new technologies in payments.
The author concludes that PSD2 and open banking have the potential to transform the relationship between banks and customers. With the opening of payment accounts to third parties that offer user-friendly applications, traditional banks will face competition.
This may lead to the commoditisation of banking services. The author reflects on whether this trend will continue as the digitisation of the banking sector continues.