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PSD2 comment from DLA Piper
Commenting on the implementation of the Payment Services Directive 2 (PSD2) this Saturday, 13 January, Michael McKee, Partner and Head of Financial Services Regulation at DLA Piper, said:
“PSD2 is a revolutionary piece of regulation that is likely to signal the end of the high street bank in the medium to long term. In one sense PSD2 is a reflection of the new digital economy and the regulation has the potential to transform further the UK’s payment services and retail sector. If traditional banks are concerned about the impact of PSD2, 13th January should represent a Big Bang moment for the UK’s financial services sector.
“The UK is ahead of the pack already, via its Open Banking Initiative and the cluster of FinTech start-ups based in London. Non-banks now have a real opportunity to break into the market, offering payment and account services, independent of traditional banks – with the same banks required now by law to assist in the process.
“How quickly this revolution catches on will of course depend on the customer. But given the falling numbers visiting high street branches and increasing volumes of transactions occurring online or via smartphones, the slice of the pie up for grabs to new banking providers is significant.”
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