In late 2015, the European Union adopted the Second Payment Systems Directive (PSD2) as a regulation for all its member states with the objective of better protective consumers, promoting the development and use of innovative online and mobile payments, and making cross-border European payments services safer. India went a step further when it went live with the Unified Payments Interface (UPI) with a vision to make payments and settlements safer, more efficient, more innovative and more inclusive in a country of 1.2 billion.
These and other similar initiatives across the globe encourage the democratization of data to nurture healthy competition, foster innovation and deliver better business outcomes. This session takes a brief look at these initiatives and contemplates on the lessons the US Banking industry can learn from them.
