Transactional Banking in a an Open, Connected World

I am on the mailing list for finextra – and they flood my inbox with their news. Most of which is nothing, but this one is different. You might want to get it for yourself.

Here is the first paragraph:

Transaction banking is being reshaped by many powerful forces, but if there is one which is concentrating minds right now it’s the revised Payment Services Directive (PSD2) – on the one hand 105 pages of dull legislative minutiae, on the other a harbinger of seismic change.

It’s a combination of Politics and Software – a potent new mix!

As I keep saying, over and over – we have to understand Software. We know how to use it – everyone has their smartphone, and pokes at it with their fingers – without having the slightest idea of what is going on under the hood.

The banking industry is trying to update itself – having little understanding of what it is trying to do.


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