"L'attività bancaria è necessaria, le banche no" - ricorderete il 2019 come quando le banche hanno perso la loro carta di monopolio a causa della PSD2

La PSD2 spinge le banche a valutare le soluzioni FinTech | Sala stampa WestStein

Have you heard Bill Gates saying “Banking is necessary, banks are not”?

The founder of Microsoft said it in the 1990’s and it seems his opinion is getting even more relevant today as it was 20+ years ago.

Even though the first e-payment system was founded in 1994, there is still room for impressive improvements in how you’re paying online.

In short, you’re likely to remember September 2019 as the time, when banks lost their monopoly card due to 

’s (Revised Payment Service Directive) full implementation.

And yes, if you’re not an active follower of what’s going on in the banking industry, we’re here to deliver you the exciting news in a simplified manner. Without any further ado, let’s dig in.

Before we touch the number 2, here’s a quick recap of 

Back in 2007, PSD1 introduced the “Payment Institution” concept, which is the basis of companies that can process payments but cannot accept customer deposits, like banks do. Think of 

 (Single Euro Payment Area) concept was born. The combination of both concepts opened doors to various FinTech solutions such as 

Now, more than 10 years into the future, PSD2 is achieving a higher goal – 

It means banks will be required to allow licensed third parties a direct access to their data via APIs (Application programming interfaces). This major step aims to make e-payments more secure and to expand the financial services ecosystem.

Here’s how PSD2 will affect your online payments

Today, your online payments travel through intermediaries, like payment network (

 etc.). Each additional step adds another fee to your initial purchase and rises the risk of hack attack to your data.

However, with PSD2, your chosen merchant, e.g., 

 will have limited access to your bank or non-bank current account after you’ve given them a permission. As a result, they avoid extra intermediary fees and can provide you with lower prices and more secure shopping experience.

Furthermore, AISPs (Account Information Service Providers) will be created, which will allow you to view all of your bank and 

PSD2 was discussed also during 5th annual payments forum

While you and the majority of society are beneficiaries of PSD2, banks are left mainly with two options, to save their customer base from switching to new competitors:

To invest heavily to improve their systems

To integrate outsourced FinTech solutions

, the first option obviously causes a big headache for all bankers, because it translates into a very expensive problem.

 to make a new £3 billion investment to improve its digital capabilities and to compete against other challenger banks and FinTechs.

 in financial services software and regulatory technology, according to European Banking Federation.

WestStein aims to help banks and reduce financial exclusion

As you’ve possibly heard in the latest news, 

major money remittance businesses from UK have already chosen WestStein business services

Nevertheless, WestStein’s CEO Theodore Blik has a greater vision of FinTech as a solution for approximately 130 million financially excluded Europeans, which he talked about in 

In other words, to introduce alternative non-bank financial services and products to people, who are unbanked because of various reasons:

The list goes on and WestStein team encourages you as an individual or a financial institution to join forces and be a part of the solution, 

If you found this article helpful, you will enjoy what we’re coming up with next.

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“Banking is necessary, banks are not” - you’ll remember 2019 as when the banks lost their monopoly card due to PSD2

PSD2 Pushes Banks To Evaluate FinTech Solutions | WestStein Pressroom

PSD2 Pushes Banks To Evaluate Potential Cooperation With FinTech Solutions

La PSD2 spinge le banche a valutare la potenziale cooperazione con le soluzioni FinTech

Scoprite perché le aziende di rimesse monetarie scelgono WestStein in questo riassunto di "Tecnologia e futuro dei pagamenti".

Le imprese di rimesse di denaro scelgono WestStein | Sala stampa WestStein

WestStein is gaining global trust. Here’s a recap of a recent event and its takeaways.

A little more than month has passed since WestStein participated in the “

Technology And The Future Of Making Payments

” conference on February 5, 2018, organized by 

 – a leading compliance and management consulting company from London, UK.

 opened, more than 20 CEOs of various financial institutions entered the room to discuss 

the emergence and advancements of technology in the payment and money transfer industry.

Attendees varied from Money Transfer operators and FinTech enthusiasts to Foreign Exchange companies and Bureau De Change. All of them are UK based, regulated by FCA and represent a wide range of territories – India, UAE, Thailand, China, African countries and more.

The day played out in an exciting tone, to say the least.

For 3 hours WestStein representatives held the stage with topics covering 

 history and WestStein as a modern alternative to existing business payment solutions.

The presentation quickly turned into an intense discussion with attendees, who eventually found potential use cases for WestStein products in their own businesses.

To secure company’s main accounts from hack attacks, when marketing specialists pay for outsourced writers, online advertisements and especially e-commerce tools;

To send bonuses for salespeople immediately after a major sale is made, as it would keep them self-motivated at all times, although the official payday is only once a month;

To white-label WestStein products with company’s own branding and use them as, for example, specialized gift cards for partners during Christmas and other special events.

For the most part, such business operations are possible also with regular bank accounts. 

However, more and more companies choose innovative FinTech solutions, because they involve less paperwork, save time and are much more cost-effective.

FinTech frees up extra capacity for further company’s growth.

 No wonder that today WestStein is already finalizing legal basis with three of the money remittance companies from the conference.

One thing’s for sure. As every new client reveals new needs, WestStein team members are stepping up their game and setting even higher goals for the future to make private and corporate payments as convenient as possible.

Ready to discover the best solution for your business?

Stay tuned for the latest news and worthwhile blog articles in your inbox!

See why Money Remittance Businesses choose WestStein in this recap of “Technology And The Future Of Making Payments”.

Money Remittance Businesses Choosing WestStein | WestStein Pressroom

Major Money Remittance Businesses Choosing WestStein For Their Operations

Le principali aziende di rimesse di denaro scelgono WestStein per le loro operazioni

Consultate i nostri ultimi comunicati stampa qui o contattateci per ulteriori informazioni.

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Sala Stampa- WestStein Comunicati stampa | WestStein

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La carta di debito WestStein è emessa da UAB Walletto in base alla licenza di Mastercard. UAB Walletto è autorizzata dalla Banca di Lituania a svolgere attività di servizi di moneta elettronica ai sensi della Legge sulla moneta elettronica e degli istituti di moneta elettronica (numero di licenza 33)

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