PSD2 – AISP – PISP – open banking is the future

• SME

Geben Schweizer Banken Fintech-Anbietern Zugang zu den Konten der gemeinsamen Kunden? Astonishingly, the Swiss banks are about to anticipate the 2nd Service Payment Directive PSD2 of the European Union. 

The second version of the EU Payment Service Directive (PSD2) forces the European banks to give Fintechs access to their client’s accounts by disclosed standardized APIs. 

The client shall remain king & queen thanks to (mobile) banking apps: fintechs of their choice acting as their Account Information Service Provider (AISP) or as Payment Initiation Service Provider (PISP) will dock directly with their client’s bank Digital Integration Hub. Thus the client, the fintechs and the banks will profit from innovation by competition (e.g. real time banking now). 

In the tradition of an open economy Switzerland will enable such competition for the benefit of our wealth. Although being the irresistible future the swiss banking lobby is currently shy to participate. Even the “Staatssekretariat für internationale Finanzfragen” is about to dawn that it is for the benefit of the Swiss banks, the citizens and the sector to force swiss banking and its lobby body to take part in the progress. It is to avoid that Swiss banks are overtaken by their European competitors. 

SPEED READ: Ask your bank for access and inform your fintech provider. 

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