As a matter of fact, PSD2 laid out a regulatory framework establishing that PSPs have to grant access to payments accounts to TPPs through technology solutions, known as Application Programming Interfaces – APIs.
With proper planning and execution, such future collaborations could be game turners for all the stakeholders. Not only would this help raising the economic growth of the country, but will also unlock the business-to-business and person-to-person barriers, and may be a good avenue to learn from each other in various fields such as banking, engineering, transportation, telecommunication, energy, and many more.