PSD2 demonstrates the shift in the regulatory thinking. Opening data and having data sharing is hugely beneficial, both for banks, clients and the Fintech community. Banks have two parts that they can consider. One is compliance with the regulation, meaning they will meet the data sharing requirements and they'll provide those services to their customers. The other is embracing the legislation itself, taking that forward, considering what it means, and then using it to drive value-added solutions for their clients.

The opening of data sharing within PSD2 provides both banks and customers with some different opportunities. For example, consider a multi-bank customer who has several accounts. Currently, have to go into multiple primary systems to access that data in a non-standardized format. They then bring that data back into their environment to provide the use for it or understand their positions within PSD2. Banks can share that information among themselves. Customers can elect to use one part provider for all of those services and access that data in standardized formats. Thus, the data is available to them much more quickly and readily, providing many efficiencies for them.

Banks can start using value-added solutions to drive efficiency and understanding for customers. Working capital management is one such example where they can start giving customers real insights into how their business is performing, not only for themselves but versus their peers. While uncertainty continues to surround PSD2, specifically relating to the data sharing requirements and the technical standards, there is a lot of work that banks can undertake.

Understanding your client needs both now in the future and the technological requirements that you will need to evaluate these solutions are work that you can undertake now. If you consider further that this is a technology you are building not just for now or for the delivery of PSD2, but also for the banking of the future, then this work becomes especially more critical.

How Netclearance Can Help

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