The last couple of years there was hardly any professional day for me without a discussion about PSD2 and Open Banking. And when I analyse all these discussions, the biggest time was invested in talks about the pressure on banks to open up. Of course this is a crucial part of PSD2 and is / will be very challenging for many players.
However, as PSD2 implementation is only a few months – and not years anymore – away, TPPs (third party provider; companies accessing bank accounts) that do not have any license yet (mostly FinTech startups) should start thinking about their strategy around PSD2. I have understood that most of them “ignored” this as these young companies had other more urgent issues. Nevertheless, if a TPP has started XS2A operation after January 2016, then they will require to have license by April 2018. And April 2018 is – even for startups – that not far away anymore.
At figo, we have started to aggregate some useful information for TPPs and will continue to inform about possibilities these companies have to comply with PSD2: figo blog – facts about PSD2
The time is now for every company using XS2A!