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It’s been a year since the EU launched the second Personal Services Directive (PSD2), designed to open up retail banking to greater competition.

This legislation was followed by the General Data Protection Regulation, or GDPR, which aims to better protect customer data from exploitation. Ulrike Schaffter – Group Chief Product Officer from RS2 looks at what’s happened since PSD2 and GDPR were introduced, and why financial services firms across Europe need to get involved in Open Banking, despite the apparent conflict between PSD2’s commitment to open sharing of banks’ customer data, and GDPR’s aim to protect that data. 

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