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The world of finance is always changing, as institutions and governments implement new kinds of regulations and laws, which ultimately affect ordinary citizens. And these new regulations in the finance world are coming into play soon, as we take a look at PSD2, and how it will affect you.
PDS2: how will it affect you
The Revised Payment Service Directive, known more commonly as PDS2, will begin to take place in 2018 and has promised to be a real game-changer within the world of finance. This new service means that people will be able to use third party services to pay their bills. This means that you could find yourself using Facebook as a way to pay your heating bill. Crazy, right?
The money that you own will remain safely in your account, but you can access it from many more places than you can at the moment. The banks will no longer compete against just each other, and will instead do battle with pretty much everyone that can offer financial services. In essence, it opens up many more doors for corporations. This means that you can pay for things on a lot of new platforms, and even giants like Google could begin to offer some financial service for people.
New opportunities
Overall, the introduction of the PDS2 is something which marks a real change in the way that we look at finances. If everyone offers financial services to customers, then potentially everyone can begin to pay for things on a multitude of ways, and this means that banks will be competing on a much bigger scale than before. While it is impossible to know what could happen, we’ll certainly be looking to the future on this one to see exactly how it will be implemented and how it will affect you as the program unfolds.