In this part we look at the role compliance and regulation are taking in the PayTech space.
We see the way in which collaboration is the key to collective responsibility in redefining the model of tackling financial crime. How compliance is creating trust in the marketplace. But it needs to be proportional, balancing the need to reduce red tape and regulatory burden with a less frictionful payment experience for the end users of the systems. Consumers want security but not at the expense of utility so, to this end, the winners will always be the PayTech companies with the best operational agility to take into account the compliance requirements without affecting the user experience!
The advent of the application programming interface (API) has revolutionized the way open banking is being achieved. Now under the second Payment Services Directive (PSD2), third-party providers are being given bank APIs to enable them to offer account aggregation services, giving consumers the ability to view all their payment accounts in one app, or payment initiation services, enabling customers to make direct payments from their bank accounts for online merchant purchases. Alongside this there have been a number of attempts to create enhanced interoperability using open standards on these APIs. This has been led by the European Banking Authority ...
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