The revised Payment Service Directive (PSD2): Implementation of PSD2 on the Spanish bank market
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de Zárate, Lucas Rivilla Ortiz
MBA in Finance
Dublin Business School
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The revised payment services directive (PSD2), has changed how the retail banking market works today. The new directive obligates banks, with the consumer’s consent, to provide access to account information and thus open up the market for new actors. This study aims to provide an understanding of the effect PSD2 have on the retail banking market in Spain and how the players are acting to cope with the changes it entails. To gain in-depth knowledge about the Spanish payment market, four semi-structured interviews have been conducted with subject matter experts. The empirical results of this research conclude that a collaborative relationship between banks and TPPs will facilitate the successful implementation of PSD2 in Spain. Furthermore, the effective use of bank´s customer data has become the key competitive advantage for the future thanks to Open Banking. Lastly, the entrance of BigTech’s into the payments market threatens the banks' positions.