PSD2 legislation will standardize and secure how digital payments are made, improving consumer protection, convenience and economic growth. The central theme around PSD2 is customer-driven digital transformation and how new platforms and payment ecosystems will emerge to enable this.
The recent study conducted by Finextra and sponsored by CA Technologies provides five key recommendations on what companies should be doing now to make the most out of the new EU initiative.
- Get involved, give feedback, share concerns and contribute to solutions.
- Think now about your strategy to leverage and monetize your investment in PSD2.
- Start experimenting to test your thinking early and prepare to fail safely.
- Work out what challenges you will face in providing open APIs, and plan to address them.
- Take a collaborative approach: PSD2 supports digital transformation opportunities from which new ecosystems will emerge.