NextGen Nordics 2024: How will incoming regulation shape payments infrastructure?
Speakers Agnija Gailane, product manager for open banking platforms at Nordea, and Piers Marais, global head of product of embedded cross-border solutions at Visa, spoke in the session titled: ‘Data privacy and Consumer Duty - how to improve open banking with API integration’.
Both panellists agreed that PSD3 would be a gamechanger, contrary to the audience, though they also noted reasons why PSD3 would not be considered such, due to its role essentially as augmenting the impact of PSD2. Marais emphasised how PSD3 will extend open banking and non-bank access across payment schemes which are important for the future. Gailane stated that PSD3 will bridge the gaps between PSD2 and Open Finance, but is a gamechanger because it will enable data to be shared between entities.
Marais noted: “With PSD3, the initial execution dates are looking to be the end of 2025, potentially 2026. We're talking about the next decade of evolution. I think certainly when we put ourselves in that historical context, and start to think about what this landscape could look like, from an open banking to an open finance, potentially even to an open data journey; perhaps it is a game changer.”
Marais said there is likely more conversation around data nowadays as younger people are more aware their ownership over their data. He detailed that the narrative has changed in the last 5-10 years and will continue to change, with a heightened focus on innovative ways to segment data.
The audience was questioned on if they see Open Finance as an opportunity or a threat (or nothing at all), and Marais says he sees it as an opportunity, especially from a customer perspective as it will provide consumers with more transparency in regards to who is viewing their
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