Most recent regulations have been aimed at tightening banking infrastructure and operations. The Second Payment Services Directive (PSD2) has forced banks to open their payments architecture and customer account data to third parties that can then develop payments and information services to those very customers. The directive has also mandated the use of 2 factor authentication to reduce the incidence of fraud. As is so often the case, this change has created strategic opportunities for innovative, adaptable and fast-moving businesses.
Payment firms wishing to continue their European operations have long since re-authorised submitting updated processes in compliance with PSD2. As per the timeline above Open Banking and Secure Customer Authentication are very current issues that need to be fully addressed by affected parties.