PSD2 and Millennials. Change is coming: WePay's Week in Payments
Change is coming to banking and secure payments in Europe. The EU has issued a revised directive on payments services (PSD2) that replaces the existing PSD and which aims to provide safer and more secure online transactions for banks and consumers. Accenture takes a look at what the directive means and in particular makes some recommendations for banks implementing the new directive. The biggest impact of the new directive is that it requires European banks to allow access to accounts via APIs. This in turn dramatically enables fintech solutions and online transactions to operate more robustly, directly and simply. The flip side is that entities that fail to authenticate transactions properly will be held liable for any fraudulent activity that follows. Europe has been an early adopter of other financial technology solutions, especially EMV but has been slower to adopt direct connections to bank accounts. PSD2 can be expected to dramatically change the consumer transaction landscape in Europe.
The Financial Brand reports on an interesting survey from Fiserv. The ‘Expectations & Experiences’ quarterly research conducted by Fiserv shows a mixed bag of attitudes to the financial industry with millennials simultaneously more anxious than any other group about their financial future and also more than twice as likely as others to use mobile banking solutions.
Tomorrow’s transactions has a fantastic story about fraud, American Express, salad oil and Warren Buffett which it then morphs into an enthusiastic endorsement of blockchain technologies for managing supply chains.
How do sales, SaaS and payments come together? WePay’s CRO, Kurt Bilafer has a great Q&A where he talks in particular about being an effective sales leader in the SaaS market and how to approach sales in this dynamic and changing environment.
A useful reference for the coming year comes from entrepreneur.com which has a list of the top 25 fintech conferences to attend this year.
Returning to Europe to close out this week’s roundup, PYMNTS.com has a story about how the European Commission is hoping to consult with the public concerning the growing market of financial technology as the agency looks to manage policies in the sector. “The goal is to create an enabling environment, where innovative FinTech products and solutions take off at a brisk pace all over the EU, while ensuring financial stability, financial integrity and safety for consumers, firms and investors alike,” the Commission stated.