Nets, OpenWay team up on monetisation of PSD2 and open banking

The paper, PSD2 Consumer Solution: for payment players adopting PSD2 as a step towards Open Banking services & revenue streams, explores stakeholder opportunities in open banking and addresses business challenges presented by shifting consumer mentalities and expectations. It also highlights the conventional and emerging monetisation drivers relevant to PISPs, AISPs and ASPSPs.

The authors introduce the concept of elastic user journey, defined as the expectations consumers have towards a service provider at each stage in their payment experience. The paper also explains how an open banking architecture can function within these requirements. Banks, merchants and other PSPs can use the checklists from this white paper to assess their readiness for PSD2 and open banking.

The main idea of the white paper is that providing digital interfaces to well-established banking services and complying with evolving regulations is no longer sufficient to stay competitive in the market - it is the service offering that matters. For any service provider, one of the key objectives is to provide fast customer onboarding and promote spending on the basis of the enhanced service cycle.