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PSD2: Light At The End Of The Tunnel

As an avid fan of the Open Banking movement, I have tracked the implementation of PSD2 across Europe with much interest over the last few years.

PSD2 aims to give customers control over their financial data and more competitive choice. This is something everyone needs to remember in the mad rush to build new businesses and protect existing ones.

Progress has been slow, but the pace has noticeably quickened over the last few months as more countries, banks, fintechs and the press get with the programme.

Sure there will be the leaders, like the UK and Germany who are leading the pack in implementing regulation, forming standards and driving strong Fintech communities. With others like France, Denmark, Spain, Sweden and Finland close behind.

There will be the laggards such as Belgium who have announced they will miss the January deadline and others like Italy who announced their first Fintech hub in September 2017.

However, the beat of the PSD2 drum is relentless and growing louder each passing day. There is no doubt in my mind that we are at the dawn of something amazing.

Like building a skyscraper, the architects vision is being brought to life with the regulatory and technology foundations falling into place and thousands of people from banks, fintechs and suppliers across Europe building the various components and solutions required to erect the infrastructure and shell.

Slowly we are starting to see the structure form and over the next few years this virtual skyscraper will soar into the air, as Europe’s Open Banking beacon joining others across the world as time goes on.

Europe is leading the way in providing an ecosystem where customers can share data readily and safely across many providers, benefitting from lifestyle improvements and increased value add.

To achieve this feat has taken vision, collaboration and persistence of the highest order. We aren’t there yet and it is too early to be blowing the horns of victory. However, everyone involved in this epic feat should be encouraged by the progress that has been made.

This is Europe working together at its best and we are starting to see light at the end of the tunnel.

I salute everyone involved. Keep on going.


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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.

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