EU directive to reduce barriers to offering retail banking
European banks will face increased competition and disruption following the 2018 implementation of the EU Revised Payment Service Directive (PSD2). It will require banks to open up their application programme interface and provide customer account details, seriously eroding their monopoly. Barriers to entry, such as the requirement for a single licence, are set to be lowered for non-banks offering financial services, while tech-savvy customers demanding faster and more efficient services will force established institutions to adapt or lose custom. The directive will introduce two types of financial service provider, account information service providers (AISP) and payment initiation service providers (PISP).
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