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European banks braced for 'slow burn' payments revolution

Reuters  |  LONDON 

By Huw JonesLONDON (Reuters) - New European rules on online payments and banking due to go into effect on Saturday mark the start of a "slow burn" revolution that will prise open traditional retail banking and may force lenders to rethink their business models, regulators say.The Payments Services Directive 2 (PSD2), which allows retailers and consumers to bypass banks by authorising payments directly from personal accounts, among other things, aims to cut costs and increase choice by widening the range of firms offering financial services.The European Union rules, which also reflect rapid ...

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First Published: Wed, January 10 2018. 23:49 IST