New rules for the European Union create open account access for bank and payment innovators.
As the E.U. became established, European Parliament
recognized that a single framework for payments was needed to simplify commerce
throughout the member states and “harmonize” payments across borders. Now,
nearly a decade after the first Payment Services Directive was announced, a
radical update has been issued. More than a list of new rules, Payment Services
Directive 2 (PSD2), looks to force financial innovation throughout Europe.