The world of banking is about to be transformed. In January 2018, the second Payment Services Directive (PSD2) will be incorporated into UK law, obliging banks to provide other organizations with access to their customers’ financial information. Known colloquially as the "open banking" directive, the new law is intended to end the monopoly of big banks and to provide consumers with a much wider range of financial services providers to choose from. There are many technical and cultural difficulties that banks will need to overcome in order to comply with the new directive, but perhaps the most serious challenge is… [Continue Reading]
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