[fsimoneschi3]

Something that is often overlooked about PSD2 is the introduction of a real liability model and explicit customer consent. What happens today is that account aggregators and payment initiation providers (this is true in US and EU) are operating in a gray area where transparency, consumer protection, and liability are either completely neglected or totally insufficient.

PSD2 will create a clear regulatory framework, will introduce consumer protection, oversight from competent authorities and ultimately will create a transparent liability model for all the actors involved in the flow (data and payments). I think this is a great outcome for consumers and market competition. PSD2 is not perfect but is shaking the industry quite a lot.

I'm working on TrueLayer (http://truelayer.com) which is a universal bank API platform in the context of PSD2. Email in profile if you want to chat about this topic.

[candiodari]

I wonder how much this regulation has to do with the EU commission being terrified after Brexit and wanting to create more financial linkage between member states. I feel this regulation may backfire in that regard. What will an institution like Deutsche do if/when they fuck up implementing this ? What will the government do in response ?

Especially given the state of European banks (TLDR: who are going to need a bailout soonish).

[genmon]

It pre-dates Brexit. It's coming into force now, but legislation passed in Nov 2015, and was being developed for some time before that

[matt4077]

Creating "financial linkage" is an obvious direct result of the EU's primary mission.

Regarding the risks you (and other in this thread) mention: This really isn't something that has any impact on the system's exposure to risk. It's just a technical process for moving information and (limited amounts of) money between banks and financial service companies. If you're worried about a meltdown of the banking system, you have to look at the regulations on capital requirements, accounting standards, asset valuations etc.

[ErrantX]

A lot of PSD2 was pushed for by the UK I believe, pre Brexit

[robhu]

Indeed, and the EBA is based (for the moment at least!) in London.