News

Nets, OpenWay collaborate to monetize PSD2, open banking

December 19, 2017

Nets, a Nordic digital payments specialist, and OpenWay Group, a Brussels-based digital payment software developer, have published a white paper for stakeholders seeking to monetize PSD2 and open banking.

"PSD2 Consumer Solution: for payment players adopting PSD2 as a step towards open banking services and revenue streams" explores opportunities in open banking and addresses challenges presented by shifting consumer attitudes and expectations, according to a press release. It also highlights conventional and emerging monetization drivers relevant to payment initiation service providers, account information service providers and account servicing payment service providers.

The authors propose a new concept, the "elastic" user journey, which defines what consumers expect from a service provider at each stage in their payment experience.

The paper also explains how an open banking architecture can deliver on these demands, and includes a checklist that banks, merchants and payment service providers can use to assess their readiness for PSD2 and open banking.

"Payment processors are well-positioned to provide a complete solution that is both PSD2-compliant and open banking-oriented," Alexander Tikhomirov, Business Development manager at OpenWay Group, said in the release. "Banks and merchants can manage the early adopter risk by leveraging the processors' technological leadership and market knowledge. As for OpenWay, we are supplying the innovative WAY4 platform that supports Nets in their mission to deliver maximum benefits to their customers — PISPs, AISPs and ASPSPs."

Downloadthe free white paper.