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In 2011, in one of my earliest blog posts on Finextra, I predicted that EBA Clearing myBank will be a hit. EUR 10B processing volumes in 6 years does not exactly sound like a blockbuster success but I'm at least happy that myBank is still alive and kicking. 

One study says 3/5 i.e. 60% of Millennials will borrow from Traditional Lender. 

Another study says quarter i.e. 25% of Consumers borrowed from Alternative Lender, which means 75% did borrow from Traditional Lender. 

60% versus 75% is hardly a major disconnect.

Every stock exchange could be manipulated by a single order at some point in its evolution. I'm throwing some random numbers here but it was probably 100 yrs ago for LSE, 50 yrs for NYSE, 30 yrs for DB and 10 yrs for BSE. It's perfectly natural that it'd be now for cryptoexchanges. As they become bigger - assuming they ever do - they will be less susceptible to being manipulated. Re. Bot, memory serves, they caused massive volatility in NYSE / NASDAQ even 5-6 years ago. That goes with the territtory. No reason why cryptoexchanges should be an exception or their risk from bot be any greatly higher than conventional exchanges.

Awesome post. Kudos for digging deep into an extremely important area of Open Banking / PSD2 that has received very little attention (at least IME). 

Nice post about future plans on realtime payments in USA. I have one question on present status: 

Re. Merchant Mobile Wallet Apps like Starbucks, WalMart. I know if you top up the wallet with Debit Card or Credit Card, the wallet reflects the credit instantly.

Now, is it possible to top up the wallet from checking account - without using Debit Card details? If yes, does the wallet reflect the credit in real time? (For reference, the answer to both questions in India is Yes - via UPI & NetBanking payment methods.) 

Open Banking / PSD2 must be one of the biggest failures of Big Bank lobbying of all times.

On a side note, when can we expect regs in other industries that will require Amazon to share (opt-in) customer data with Walmart, LinkedIn with Twitter, Verizon with AT&T,  ...?

Interesting comment @FinextraMember. 

A couple of your questions can be easily answered on the basis of the prevailing common narrative in the fintech world. Here goes:

1. Fintechs run on VC money, with little or no need to make profits. As long as they can claim to disrupt someone, they're good, as I highlighted in Fintech Shouldn’t Stop Chanting The Disruption Mantra. So they can finance higher credit card benefits despite receving only lower debit interchange fees. I can name a fintech or two in India that finances many benefits despite receiving no interchange fees. As a customer, I call this "VC Subsidy" and my motto is enjoy it while it lasts.
2. High street banks are too slow. No way they will re-register their debit cards to credit cards to earn more interchange fees.  

Now, I have a question related to your question "Why should acquirers and merchants agree to pay more for a card that in reality is a debit card?": Is it really up to them to agree or disagree? Who really decides MDR? Undercutting is so common in competitive industries - like my own, namely, IT products and services. Banking is also a very competitive industry. Why don't we hear about one bank offering a sweeter MDR to some merchant in return for exclusive / higher share of its business?

Got it, thanks...

Not sure why this needs Open Banking. Functionally, I don't see much difference between this method of payment and EBA Clearing's myBank, which I wrote about in 2011.  

Why I Think EBA Clearing's myBank Will Be A Hit

I haven't heard about myBank since then. Looks like my prediction went horribly wrong.

TY for the clarification.

Key is, who is responsible for having the said API in your line "once the bank has an accessible production level PSD2 API"? Is it the said bank itself or some regulator like (gasp!) EU Parliament / ECB that has mandated PSD2?