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ARTICLE · 16 JANUARY 2018

PSD2 Takes Effect Without 'Open Banking' APIs Ready At Most Banks

Pinsent Masons
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Changes to payment services laws came into effect in the UK on Saturday despite many banks still not having new technical solutions in place to act on the reforms

United KingdomFinance and Banking
Luke Scanlon
Luke Scanlon
Angus McFadyen
Angus McFadyen

Changes to payment services laws came into effect in the UK on Saturday despite many banks still not having new technical solutions in place to act on the reforms.

The revised Payment Services Directive (PSD2) was implemented in UK law by the new Payment Services Regulations.

Under the new regime banks, building societies and other account holding institutions are obliged to enable third party 'account information service providers' (AISPs) and 'payment initiation service providers' (PISPs) to access the payment account data they hold on customers, at those customers' request, to allow the businesses to provide the customers with their services.

The legal reforms are expected to trigger greater competition and innovation in the payments market, with fintechs, technology companies and retailers among those expected to develop AIS or PIS offerings.

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