PSD2, XS2A, RPA, And DLT: How Customers Will Benefit From These Abbreviations Without Even Knowing Them

We have all read statements such as recent regulatory developments, along with disruptive innovation, will lead to a significant shift in customer behaviour, expectation, and experience. What once looked like hyperbole, however, is rapidly becoming fact.

The revised Payment Service Directive (PSD2) will force banks to provide other participants in the payment ecosystem with access to customers' payment account information (XS2A). This represents a paradigm change in the eyes of bankers, who have traditionally seen this information as amongst their most valuable assets. It is currently foreseen that the information will be shared via an application programming interface (API), i.e. a standardised interface which will become mandatory for banks through PSD2.