There can be several benefits like revenues from new products and services, the opportunity to attain market share from other banks and provide platform or technology services to other banks, e.g. APIs.
Cross-border transactions continue to grow, as more than one in four transactions are now cross-border. And, as banking and finance continue to take on a more global footprint, meeting PSD2standards will be critical.
However, the standards around such items as Strong Customer Authentication, risk-based authentication and the use of one-time passwords, are tech-agnostic, giving organizations outside of the EU some flexibility in their implementation, if not already mandated by government regulations.
The implementation of PSD2 is leading in a new era of open banking throughout Europe that is likely to be the catalyst for a revolution in global banking, opening up doors to new customers and whole new revenue streams.
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