I certainly have no qualms about joining the chorus of praise for Chairman Greenspan’s and the Federal Reserve Board’s performance during this expansion, but I would like to make two points. First, we should remember that the Australian economy has actually grown faster than the US economy during this expansion.
As a consequence, the approximately 4,000 banks offering SEPA credit transfer could in theory finally try to meet the legal requirements of PSD2 and its RTS by developing and offering a proprietary interface. Thus, in a worst-case scenario, any TPP would need to manage 4,000 bespoke IT-projects to connect to each of those banks, thereby clearly going against the spirit of the new directive.