John and Glen decipher the EU's groundbreaking new PSD2 regulation, discuss the prospects for similar US legislation, and debate the pros and cons of sharing transaction data with non-banks.
Download this podcast from iTunes.
Are you an Android user? Click Here.
Download the BIGCast App for Iphone.
In this episode:
- PSD2: what it does, how it works, how it aims to spur innovation, and the related acronyms you need to know.
- The implications for FI operations, account holders and process maturity.
- Who should pay for the data distribution?
- How PSD2 can lead to decentralization, disintermediation, loss of revenue and the start of banking as a platform, as well as innovation, competition, and new options for customers and new recurring revenue streams.
- Terms, conditions, and informed consent.
- What does banking as a platform look like?
- Will a PSD2-type of regulation be implemented in the United States? If so, would it pose a threat or an opportunity?
URLs related to this week's BIGCast:
- http://bigfintechmedia.com/Podcast/sharing-financial-data-safely-smartly-and-profitably - Part 1 of the PSD2 BIGcast.
- http://www.thepaymentsreview.com/psd2-a-primer - “The Second Payment Services Directive (PSD2) – A Primer” article by Tom Davis of CSCU.
- http://bigfintechmedia.com/Podcast/fintech-innovation-with-a-posh-accent - Previous BIGcast that features interviews with several companies building products leveraging the PSD2 directive.
- http://www.thepaypers.com/expert-opinion/psd2-xs2a-adoption-what-are-the-implications-for-banks-/763148 - Article on PSD2 adoption on The Payer’s Web site.
- https://www.accenture.com/us-en/insight-psd2-opportunities-banks - Accenture’s overview of PSD2 for European financial institutions.
- https://www.evry.com/en/news/articles/psd2-the-directive-that-will-change-banking-as-we-know-it/ - Article on the Evry Web site regarding how PSD2 is going to disrupt the European banking industry.
- www.FinancialSolutionsLab.com Info on the FinLab, for which the Center for Financial Services Innovation (CFSI) is accepting applications
Automation and Innovation:
- https://zapier.com/ - Zapier allows you to link and pass information between apps.
- https://ifttt.com/ - If This Then That allows you to automate your Web activities and apps.
- April 17-19 SymEast 2017 in Louisville Kentucky. Come visit BIG at SymEast 2017 and see the latest in innovative technology we have to offer. SymEast is comprised of credit unions located in the eastern US that use the Symitar core processing system. There are other user groups around the US and you can find the latest list at Symitar.com.
April 23-26 NACHA FASTER PAYMENTS 2017 Conference in Austin, Texas. Faster payments has arrived and the PAYMENTS conference is at the epicenter. Get beyond the hype to the facts and understand what the breadth of Same day ACH and real-time payments opportunities mean to your credit union. Learn from leading strategists and innovators to shape your product offerings and compete. Gain meaningful takeaways to inform your decision making. Enter promo code BESTPOD17 when you register to receive a 10% discount.
- June 11-14 AXFI Conference in Minneapolis Minnesota. Join BIG and OnApproach at the premier educational event for credit unions and community bank professionals who are serious about financial innovation. Register now and save $200 with the early bird special. http://www.axficonference.com/.
Have an idea for a podcast? Have something you would like to share with us? Something you would like John to research? Please contact us on Twitter or our Web site.
If you like our podcast, please tweet and share on social media.