In January 2018, PSD2 legislation came into effect to address multiple objectives: to enhance security, to stimulate competition in banking and together with the SEPA regulation, to unify the payments industry across the EU. After an expenditure of approximately £1.5 billion pounds by the nine major UK banks over three years, the industry is far from ready, both in terms of SCA implementation, and developer portals that offer usable APIs. Moreover, only a few major banks offer payment services based on PSD2.
So how can the slow start to the so-called ‘revolution’ in payments to be accelerated and truly benefit both industry players and consumers? In our report we share our view, along with the following insights: