The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

PSD2: ‘Wind already taken out of sails’ of open banking

Just seven months after the launch of the revised Payment Services Directive (PSD2), efforts made by many mainstream banks are stopping short of bringing about the ground-breaking changes many had expected.

By Anna Fedorova

PSD2 was intended to revolutionize the world of transactions by allowing banks’ customers to use third-party providers to manage their finances, placing an obligation on banks to offer these third-party providers access to customer accounts, with permission, through open application programming interfaces (APIs).

The European Commission’s aim was to improve innovation, reinforce customer protection, and improve the security of internet payments and account access within the EU and European Economic Area, as well as promoting competition in the market by breaking the stronghold of incumbent banks.

Yet only two quarters after the January 2018 implementation date of PSD2, “some of the wind has been taken out oits sails”, according to online payments company Paysafe.

Andrea Dunlop,

Andrea Dunlop, CEO of acquiring and card solutions at the fintech firm, says: “There is still an unshakeable belief in the payments community that PSD2 will have the impact it is earmarked to eventually, but progress since the implementation date has been slower than expected. “Perhaps now a new approach is needed.”

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree