Financial Technology Gold Rush: EU PSD2 will be a rare opportunity to replace the bank

nnnIn 2018, the EU Payment Service Directive (PSD2) will be implemented. The purpose of the bill is to support innovation and competition in the European market to pay for the protection of consumer rights. London-based chain start-up company TrueLayer provides developers and APIs for banks and start-ups to take advantage of the banking infrastructure and take advantage of the opportunities that will take effect.n
nnTranslation: Annie_Xun
nEurope wants to drive the pace of innovation in the financial services industry while working to protect the security of financial market infrastructures. The European Union (EU) is actively pursuing a digital transformation in society that provides efficient and meaningful services to its economies.n
nIn these contexts, end users need an immediate payment solution. The financial industry may meet these needs, support innovation, and maintain a position in global competition in the field.n
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nPSD2 (Revised Payment Services Directive)n
nIn order to make the comprehensive financial market prosperous, legislators and regulators must provide a clear legal framework to support the European market for payment service innovation.n
nThe EU Payment Service Directive (PSD2, Payment Services Directive), which will take effect in 2018, is one of such frameworks. The aim is to increase the pan-European competition and participation in the payment industry, including non-banking institutions.n
nThe purpose of the Directive is to improve consumer protection and increase competition and innovation in the payment industry. In order to achieve the goal, the Directive would like to introduce stricter security requirements, including the initiation and processing of electronic payment transactions, as well as the protection of consumer financial data.n
nLiberation APIn
nLondon start-up company to build a developer platform, so that financial technology companies to obtain bank API (application development interface), the use of the upcoming PSD2. Its name is TrueLayer, which has raised $ 3 million round A financing.n
nAnthemis Group and Connect Ventures are key players in the second round of financing, and the start-up companies plan to use these funds to expand their teams and increase their banking support. The roadmap includes an increase in the bank’s supported portfolio and then an alpha version in late 2017.n
n”We believe that PSD2 will be a golden opportunity for start-up companies to replace existing banking and financial services providers, and we want to provide developers with a simple and secure API to access the banking infrastructure,” said Francesco Simoneschi, co-founder of the company. Bringing the next wave of financial services. “n
nTrueLayer is currently in beta and supports many financial processes. The platform has provided account verification, KYC processes, credit ratings and risk assessment to UK users. 2018 will be the decisive year for TrueLayer, as the company plans to expand the platform to serve the country while fully supporting PSD2.n
nIf the company obtains the PSD2 related license, it can run in the UK and other countries, and may become the “financial technology start-up company and other types of enterprises in the PSD2 gold rush supervision and technical gateway.”n
nBlock chain and PSD2n
nPSD2 and TrueLayer bring new possibilities, block-chain technology may also play a catalytic role in this new world. Can promote the efficiency and performance of financial institutions to match the technology provided by TrueLayer API.n
nBy leveraging the power of the platform, start-up companies and banking institutions can improve their products and services. Block-based payment systems enable real-world transaction reconciliation to significantly reduce operating costs. So banks can focus on improving services, or become a third party infrastructure, the development of customized innovative services.n

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