PSD2 Deadlines Loom, but Potential Users are Unaware of Benefits

30. October 2017.

To date, no one party seems willing to come forward and take on the role of educator. Commenting on the potential for the banks to step up here, the PSD2 professional told Euromoney banks may be dragging their feet as they do not want the third parties to have access. Should a consumer choose to use a third party for a payment, the bank will lose the overview on the details of the transaction, reducing the quality of its data, and also lose out on any possible fees applied to the payment. Dick Oskam, global head of sales, transaction services, at ING, says it will only be damaging for them if banks bury their heads in the sand: β€œEducation about what the changes of PSD2 mean is important, in particular for the consumer. Consumers needs to understand the benefits of it if they are to allow their data to be shared. Banks can and should play a role in this.”

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