Payments has seen the arrival of a host of new parties in recent years. The second Payment Services Directive (PSD2), implemented in early 2018, adds to the extraordinary mix of forces now in play: all the old certainties are gone. With change comes exciting possibilities: the emergence of digital payments platforms means that the long-untapped potential of transactions can at last be turned to meaningful account, offering a much more accurate picture of the wants and needs of actual customers -- rather than guesses about what they may or may not be doing. In short a new, more rewarding revenue model is emerging for payments facilitators. This white paper from renowned payments specialist Peter Kinahan (author of Payments Power looks at the true meaning of the "financial economy" for the industry, examines the effect of incoming regulation, considers BBVA's enthusiastic adoption of open banking technologies and parses the consequences of the new data-driven realities for the traditional four-party model.
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