PSD2 is not only legislation that banks must comply with. It also provides banks and the new service providers with opportunities to develop new products, by working together. Open Banking, as it is called, unleashes third party creativity. Banks’ online interfaces become platforms for new services. Interestingly, we are still not sure what many of these services will be.
In view of this outlook, DNB supports the objectives of PSD2. It promises to a deliver a breakthrough in banking and in payment services in Europe. Another trend is instant payments. This means that when the payer initiates a transaction, the payee’s account is credited and the payer receives confirmation, all within a matter of seconds.