PSD2 Standards Could Let Banks Shut Out Third Parties, Claims SOFORT

A director at one of Europe’s largest third-party payment providers fears recent draft technical standards could drive payment initiators out of business once EU-wide reforms enter into force.

Georg Schardt, a managing director at Munich-based online payment provider SOFORT, on Thursday argued that security standards designed to accompany the revised Payment Services Directive (PSD2) have skewed the new laws in favour of banks.

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