PSD2 explained in 4 minutes - What you need to know about the #fintech trend #PSD2 & open #banking

PSD2 is maybe one of the most disruptive development in banking and fintech in this decade. PSD2 - the payment service directive 2 - is a legal framework introduced by the European Union in effect since January 13th 2018 - forcing banks for example to open their customer data (like account information, transactions) to third party providers.

That maybe sounds boring but enables companies - traditional corporations and start-ups - to use the customer data to provide exciting digital products and service to the customer base of the banks. To sum it up: PSD2 opens the most valuable asset of banks to competitors. Since banks in most cases are not in prepared to compete with tech giants or start-ups this puts a lot of pressure on banks.

Let's hope in the end, the customer will benefit from this new competition.

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[kristen]

Thank you for making my drudge through research a bit more enjoyable lol :D Funny, informative and to the point. Keep up the good work!

[chandlerphelps]

Nice video, but I found the constant popping noises distracting

[barisdnmz]

thanks for open banking, but what is psd2 then?

[mistyronin]

So if I understood properly (probably not). If any app adds in its 200-page conditions a clause that includes you sharing the transactional data with them? Meaning they can actually know everything about your transactional data.

[davidersingh]

Nice and short explanation about the PSD2 and banking. Recently a lot of new TPP flourished all over the market. Some of such a payment providers are better and some of them requires some development. Here are some which I use personally. ( Stripes, G2A Pay or Klarna)

[theufobro]

Dude, you just helped me with a final stage interview question. I owe you a beer

[biplabroy]

Thanks for the video. Good to know about the Orthodox Capitalist's view on PSD2 👍

[First.Last.]

Because PSD2 I need to confirm all my purchases online with extra step? (the most idiotic thing ever) same like GDPR killed the web browsing experience and closed many website from US to EU

[nathaniel]

as far as I know they are not opening customer data, they are just allowing debiting of account.

[hometechUK]

Nice hopefully Google Pay will be more useful & display all transactions & current balance.

[undefined]

Why the hell would someone want their transactional data to be accessed by third parties??? It's extremely sensitive information that should not be toyed around with.

[AdrianE]

The video looks good but the constant "ding" sounds are EXTREMELY annoying and make it unwatchable for me after less than 3 minutes. I would reccommend for your next video to remove them or at least lower their volume below your voice volume.