The Payment Services Directive 2 (PSD2) comes into force on 13 January 2018. This heralds a sea-change in banking, financial services and payments in the UK and across Europe. The UK’s Open Banking initiative has put the UK in a prime position to take advantage of all the possibilities PSD2 will bring.
In parallel, the New Payment Systems Operator (NPSO) will start work in 2018 implementing the Payment Forum’s Strategy and setting up the new payments architecture (NPA).
The Open Banking and Payments Working Group will focus on:
Putting tech at the heart of new banking ecosystems
The Open Banking Implementation Entity has agreed with the CMA that it will continue work post Jan 2013 to complete all items in the CMA Order and include remaining issues from PSD2. techUK is working to ensure that our members are fully represented in this process within a transparent and inclusive governance model.
Of equal priority will be communication of the benefits of Open Banking to consumer and SME users. techUK will be working closely with stakeholder bodies together with FCA, Treasury and CMA to drive this forward.
Long-term strategy for Open Financial Services
techUK is committed to promoting a long-term strategy at government level towards building a cohesive digital financial services sector. The full use of the potential of technology is crucial to increasing productivity in financial services. Our recent White Paper, From Open Banking to Open Financial Services: the Long View, sets out the numerous areas of technology development that will come together with traditional banking models to create this new ecosystem. Collaboration and innovation are firmly at the heart of techUK’s vision.
New Payments Architecture
techUK will step up our engagement with changes in payments infrastructures in the UK. Following the completion of the work of the Payments Strategy Forum, the new Payment Systems Operator has been created to carry out their plans. techUK will continue to represent the needs of the tech industry within the new structure.