Re: Payment Authentication issues facing EU Banks

It is no surprise Visa is against PSD2 in Europe. In a nutshell it will
allow payments to occur between bank accounts without the incumbent paymeny
networks. Tall order from an implementation perspective. New associations
are being formed to deal with security.

Interestingly real-time ACH in the US would accomplish the same thing with
our a mandate like PSD2.

While both these will require use case changes and therefore will take time
for adoption, the days of bank accounts being used for payments without the
traditional payment networks are inevitable. It has already happened in
China. US and EU time constant 3 to 5 years.

On Dec 2, 2016 3:01 AM, "Anders Rundgren" <anders.rundgren.net@gmail.com>
wrote:

> There's a new EU directive called PSD2 requiring banks to "open up"
> accounts to third-party access.
> This requires new levels of authentication.
>
> Not everybody see this as realistic or useful.  Here is VISA's public
> protest against PSD2 authentication requirements:
>
> https://www.visaeurope.com/media/images/psd2%20position%20pa
> per%20nov%202016-73-40837.pdf
>
> "You will no longer be able to make...
> - one-click online checkouts even at stores you shop at all the time
> - fast, automatic payments where your card is already securely stored"
>
> Anders
>
>