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In September 2019 Europe’s financial markets will undergo a revolution.

From that date, the Payment Services Directive (PSD2) will require banks to provide API software interfaces, allowing financial upstarts to tap customer data. This new access to bank data is designed to jumpstart fintech innovation, encouraging the creation of a myriad of innovative, secure user-friendly services which will benefit both individuals and small businesses.

For this study, "Europe’s Payments Revolution: Stimulating Payments Innovation while Protecting Consumer Privacy", we have spoken to fintech players, banks, consumers, small businesses and regulators to investigate whether the PSD2 will achieve the European Commission's aiim of making online payments even easier, safer and cheaper. Each group holds high hopes – while harbouring concerns.

While no definitive conclusions can yet be made, this paper is designed to explain the high stakes involved for all players involved, from banks, to fintechs, to small businesses and individuals.

Inna Oliinyk is Visiting researcher at European Credit Research Institute, CEPS. William Echikson, heads the CEPS Digital Forum.

CEPS acknowledges Intuit’s support for this research. ​