How can corporates benefit from PSD2?

The EU’s Payment Services Directive 2 (PSD 2) was designed to encourage innovation and competition by opening the market to non-bank providers as well as to stimulate banks into developing innovative services outside traditional banking. It obliges banks to give authorised access t to their customers’ accounts to third parties so they can retrieve bank account data and initiate account-based payments. Using these new functionalities, corporates are able to develop customer-centric products by accessing their customers’ bank accounts and payment information. With the right implementation strategy, corporates can optimise their internal financial processes and introduce new value-added services thus developing new revenue streams. This brochure explains the context of PSD2 and describes some specific use cases relating to corporates.