How the world pays has changed dramatically since technology became part of the process. A pivotal advancement in these recent changes has been Open Banking Variable Recurring Payments (VRPs). Open Banking VRPs are beginning to drive the change regarding how customers pay for goods and services. As a result of more interconnected accounts, payments are more convenient, and transactions have seen a marked improvement in security.
Many people will turn to credit to get through the winter. Many more will review existing credit arrangements to make ends meet. Those already struggling to make their repayments will be looking to their lenders for support. Is the industry ready to respond?
Based on two reports issued by the FCA in November, it appears not.
The EU's 2nd Payment Services Directive (PSD2) implementation deadline of January 2018 is fast approaching. This is having far reaching effects for banks and the wider financial services industry. In this article we'll look at the current state of play in the industry, the challenges and the opportunities that it brings.
Whether you want to create your own solution, or you want us to do it for you—we have the technology for it. Our experienced team is here to support you now and in the future.
