Haldane made his prediction in September 2013. Just over four years later, in January 2018, the EU’s Revised Payment Services Directive (PSD2) will come into effect and the regulatory framework will be in place to make the revolution happen, making it easier, faster, and less expensive for consumers to pay for goods and services.
The intended goal of PSD2 is to foster competition, digital innovation and security within retail banking and payments. It does this firstly by changing the rules of participation in the banking and payments industry and includes new kinds of providers, such as payment initiation and account information services within its regulations. Under its ‘Access to Accounts’ (XS2A) rule, open access to account information, transaction information and payment initiation must be given to these AISPs, PISPs and third-party apps.