"La banca es necesaria, los bancos no": recordarán 2019 como cuando los bancos perdieron su tarjeta de monopolio por la PSD2

PSD2 empuja a los bancos a evaluar soluciones FinTech | WestStein Pressroom

Have you heard Bill Gates saying “Banking is necessary, banks are not”?

The founder of Microsoft said it in the 1990’s and it seems his opinion is getting even more relevant today as it was 20+ years ago.

Even though the first e-payment system was founded in 1994, there is still room for impressive improvements in how you’re paying online.

In short, you’re likely to remember September 2019 as the time, when banks lost their monopoly card due to 

’s (Revised Payment Service Directive) full implementation.

And yes, if you’re not an active follower of what’s going on in the banking industry, we’re here to deliver you the exciting news in a simplified manner. Without any further ado, let’s dig in.

Before we touch the number 2, here’s a quick recap of 

Back in 2007, PSD1 introduced the “Payment Institution” concept, which is the basis of companies that can process payments but cannot accept customer deposits, like banks do. Think of 

 (Single Euro Payment Area) concept was born. The combination of both concepts opened doors to various FinTech solutions such as 

Now, more than 10 years into the future, PSD2 is achieving a higher goal – 

It means banks will be required to allow licensed third parties a direct access to their data via APIs (Application programming interfaces). This major step aims to make e-payments more secure and to expand the financial services ecosystem.

Here’s how PSD2 will affect your online payments

Today, your online payments travel through intermediaries, like payment network (

 etc.). Each additional step adds another fee to your initial purchase and rises the risk of hack attack to your data.

However, with PSD2, your chosen merchant, e.g., 

 will have limited access to your bank or non-bank current account after you’ve given them a permission. As a result, they avoid extra intermediary fees and can provide you with lower prices and more secure shopping experience.

Furthermore, AISPs (Account Information Service Providers) will be created, which will allow you to view all of your bank and 

PSD2 was discussed also during 5th annual payments forum

While you and the majority of society are beneficiaries of PSD2, banks are left mainly with two options, to save their customer base from switching to new competitors:

To invest heavily to improve their systems

To integrate outsourced FinTech solutions

, the first option obviously causes a big headache for all bankers, because it translates into a very expensive problem.

 to make a new £3 billion investment to improve its digital capabilities and to compete against other challenger banks and FinTechs.

 in financial services software and regulatory technology, according to European Banking Federation.

WestStein aims to help banks and reduce financial exclusion

As you’ve possibly heard in the latest news, 

major money remittance businesses from UK have already chosen WestStein business services

Nevertheless, WestStein’s CEO Theodore Blik has a greater vision of FinTech as a solution for approximately 130 million financially excluded Europeans, which he talked about in 

In other words, to introduce alternative non-bank financial services and products to people, who are unbanked because of various reasons:

The list goes on and WestStein team encourages you as an individual or a financial institution to join forces and be a part of the solution, 

If you found this article helpful, you will enjoy what we’re coming up with next.

Stay tuned by subscribing to our newsletter!

“Banking is necessary, banks are not” - you’ll remember 2019 as when the banks lost their monopoly card due to PSD2

PSD2 Pushes Banks To Evaluate FinTech Solutions | WestStein Pressroom

PSD2 Pushes Banks To Evaluate Potential Cooperation With FinTech Solutions

La PSD2 empuja a los bancos a evaluar la posible cooperación con soluciones FinTech

Vea por qué los negocios de remesas de dinero eligen WestStein en esta recapitulación de "Tecnología y el futuro de hacer pagos".

Las empresas de envío de dinero eligen WestStein | Sala de prensa de WestStein

WestStein is gaining global trust. Here’s a recap of a recent event and its takeaways.

A little more than month has passed since WestStein participated in the “

Technology And The Future Of Making Payments

” conference on February 5, 2018, organized by 

 – a leading compliance and management consulting company from London, UK.

 opened, more than 20 CEOs of various financial institutions entered the room to discuss 

the emergence and advancements of technology in the payment and money transfer industry.

Attendees varied from Money Transfer operators and FinTech enthusiasts to Foreign Exchange companies and Bureau De Change. All of them are UK based, regulated by FCA and represent a wide range of territories – India, UAE, Thailand, China, African countries and more.

The day played out in an exciting tone, to say the least.

For 3 hours WestStein representatives held the stage with topics covering 

 history and WestStein as a modern alternative to existing business payment solutions.

The presentation quickly turned into an intense discussion with attendees, who eventually found potential use cases for WestStein products in their own businesses.

To secure company’s main accounts from hack attacks, when marketing specialists pay for outsourced writers, online advertisements and especially e-commerce tools;

To send bonuses for salespeople immediately after a major sale is made, as it would keep them self-motivated at all times, although the official payday is only once a month;

To white-label WestStein products with company’s own branding and use them as, for example, specialized gift cards for partners during Christmas and other special events.

For the most part, such business operations are possible also with regular bank accounts. 

However, more and more companies choose innovative FinTech solutions, because they involve less paperwork, save time and are much more cost-effective.

FinTech frees up extra capacity for further company’s growth.

 No wonder that today WestStein is already finalizing legal basis with three of the money remittance companies from the conference.

One thing’s for sure. As every new client reveals new needs, WestStein team members are stepping up their game and setting even higher goals for the future to make private and corporate payments as convenient as possible.

Ready to discover the best solution for your business?

Stay tuned for the latest news and worthwhile blog articles in your inbox!

See why Money Remittance Businesses choose WestStein in this recap of “Technology And The Future Of Making Payments”.

Money Remittance Businesses Choosing WestStein | WestStein Pressroom

Major Money Remittance Businesses Choosing WestStein For Their Operations

Las principales empresas de envío de dinero eligen WestStein para sus operaciones

See our latest press releases here or contact us for more information.

Without a bank, however convenient - read WestStein press releases about FinTech conferences. Subscribe for upcoming news stories in WestStein press room.

Pressroom - WestStein Press Releases | WestStein

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Suchen Sie unsere aktuellen Pressemitteilungen hier oder kontaktieren Sie uns für weitere Informationen.

Für Ihre Aufmerksamkeit, WestStein Pressemitteilungen. Wenn Sie weitere Informationen benötigen, kontaktieren Sie uns. WestStein für Medien.

Suchen Sie unsere aktuellen Pressemitteilungen hier | WestStein

Vea nuestros últimos comunicados de prensa aquí o contáctenos para obtener más información.

Sin un banco, por conveniente que sea: lea los comunicados de prensa de WestStein sobre las conferencias de FinTech. Suscríbase a las próximas noticias en la sala de prensa de WestStein.

Sala de prensa - WestStein Comunicados de prensa| WestStein

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Consultez nos derniers communiqués de presse ici ou contactez-nous pour plus d'informations.

Sans banque, aussi pratique soit-il - lisez les communiqués de presse de WestStein sur les conférences FinTech. Abonnez-vous aux prochains reportages dans la salle de presse WestStein.

Salle de presse - Communiqués de presse WestStein | WestStein

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Consultate i nostri ultimi comunicati stampa qui o contattateci per ulteriori informazioni.

Senza banca, anche se conveniente - leggete i comunicati stampa di WestStein sulle conferenze FinTech. Abbonatevi per ricevere le prossime notizie nella sala stampa di WestStein.

Sala Stampa- WestStein Comunicati stampa | WestStein

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Skatiet mūsu jaunākos paziņojumus presei šeit vai sazinieties ar mums, lai uzzinātu vairāk.

Bez bankas, lai cik ērti tas būtu - lasiet WestStein preses relīzes par FinTech konferencēm. Abonēt gaidāmās ziņas WestStein preses telpā.

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The WestStein Debit card is issued by UAB Walletto pursuant to license by Mastercard. UAB Walletto is authorized by the Bank of Lithuania to conduct electronic money service activities under the Law on Electronic Money and Electronic Money institutions (license number 33)

The WestStein Prepaid Mastercard© is issued by PFS Card Services (Ireland) Limited pursuant to a license from Mastercard© International Incorporated.
PFS Card Services (Ireland) Limited, trading as PCSIL, is authorised and regulated as an issuer of electronic money by the Central Bank of Ireland under registration number C175999.
Registered office: Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9. Company Registration Number: 590062.
Mastercard© is a registered trademark, and the circles design is a trademark of Mastercard© International Incorporated.
All rights reserved© 2023

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Die WestStein-Debitkarte wird von UAB Walletto gemäß einer Lizenz von Mastercard ausgestellt. UAB Walletto ist von der Bank von Litauen zur Durchführung von E-Geld-Dienstleistungsaktivitäten gemäß dem Gesetz über E-Geld und E-Geld-Institute (Lizenznummer 33) autorisiert.

Die WestStein Prepaid Mastercard© wird von PFS Card Services (Ireland) Limited gemäß einer Lizenz von Mastercard© International Incorporated ausgegeben.
PFS Card Services (Ireland) Limited, firmierend als PCSIL, ist von der Central Bank of Ireland unter der Registrierungsnummer C175999 als Emittent von elektronischem Geld zugelassen und reguliert.
Eingetragener Firmensitz: Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9. Registrierungsnummer des Unternehmens: 590062
Mastercard© ist ein eingetragenes Warenzeichen, und das Kreismuster ist ein Warenzeichen von Mastercard© International Incorporated
Alle Rechte vorbehalten© 2023

La tarjeta de débito WestStein es emitida por UAB Walletto conforme a la licencia de Mastercard. UAB Walletto está autorizada por el Banco de Lituania para realizar actividades de servicios de dinero electrónico en virtud de la Ley sobre dinero electrónico e instituciones de dinero electrónico (número de licencia 33).

La tarjeta WestStein Prepaid Mastercard© es emitida por PFS Card Services (Ireland) Limited en virtud de una licencia de Mastercard© International Incorporated.
PFS Card Services (Ireland) Limited, que opera como PCSIL, está autorizada y regulada como emisora de dinero electrónico por el Banco Central de Irlanda con el número de registro C175999.
Domicilio: Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9. Número de registro de la empresa: 590062
Mastercard© es una marca registrada y el diseño de los círculos es una marca de Mastercard© International Incorporated
Todos los derechos reservados© 2023

La carte de débit WestStein est émise par UAB Walletto conformément à la licence de Mastercard. UAB Walletto est autorisé par la Banque de Lituanie à exercer des activités de services de monnaie électronique en vertu de la loi sur la monnaie électronique et les institutions de monnaie électronique (numéro de licence 33).

La carta di debito WestStein è emessa da UAB Walletto in base alla licenza di Mastercard. UAB Walletto è autorizzata dalla Banca di Lituania a svolgere attività di servizi di moneta elettronica ai sensi della Legge sulla moneta elettronica e degli istituti di moneta elettronica (numero di licenza 33)

La Mastercard® prepagata Weststein è emessa da Prepaid Financial Services Limited in base a una licenza di Mastercard International Incorporated.
Prepaid Financial Services Limited è regolamentata e autorizzata dalla Financial Conduct Authority, numero di registrazione 900036. Sede legale: 36 Carnaby Street London, W1F 7DR.

WestStein debetkarti izsniedz UAB Walletto saskaņā ar Mastercard licenci. UAB Walletto Lietuvas Banka ir pilnvarojusi veikt elektroniskās naudas pakalpojumu darbības saskaņā ar Elektroniskās naudas un elektroniskās naudas iestāžu likumu (licences numurs 33).

WestStein priekšapmaksas Mastercard© izsniedz PFS Card Services (Ireland) Limited saskaņā ar Mastercard© International Incorporated licenci.
PFS Card Services (Ireland) Limited, kas darbojas kā PCSIL, Īrijas Centrālā banka ir reģistrējusi un regulē elektroniskās naudas emitentu ar reģistrācijas numuru C175999.
Juridiskā adrese: Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9. Uzņēmuma reģistrācijas numurs: 590062
Mastercard© ir reģistrēta preču zīme, un apļu dizains ir Mastercard © International Incorporated preču zīme
Visas tiesības aizsargātas© 2023

Karta debetowa WestStein wydawana jest przez UAB Walletto na podstawie licencji wydanej przez Mastercard. UAB Walletto posiada zezwolenie Banku Litwy na prowadzenie działalności w zakresie usług pieniądza elektronicznego zgodnie z ustawą o pieniądzu elektronicznym i instytucjach pieniądza elektronicznego (nr licencji 33)

Karta WestStein Prepaid Mastercard© jest wydawana przez PFS Card Services (Ireland) Limited na podstawie licencji udzielonej przez Mastercard© International Incorporated.
PFS Card Services (Ireland) Limited, działająca pod nazwą handlową PCSIL, jest upoważniona i regulowana jako emitent pieniądza elektronicznego przez Centralny Bank Irlandii pod numerem rejestracyjnym C175999.
Siedziba statutowa: Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9. Numer rejestracyjny spółki: 590062
Mastercard© jest zarejestrowanym znakiem towarowym, a wzór kółek jest znakiem towarowym Mastercard© International Incorporated.
Wszelkie prawa zastrzeżone© 2023

Дебетовая карта WestStein выпущена UAB Walletto на основании лицензии Mastercard. UAB Walletto уполномочено Банком Литвы осуществлять деятельность по обслуживанию электронных денег в соответствии с Законом об электронных деньгах и учреждениях электронных денег (номер лицензии 33).

Предоплаченная карта Mastercard© WestStein выпускается компанией PFS Card Services (Ireland) Limited в соответствии с лицензией Mastercard© International Incorporated.
Компания PFS Card Services (Ireland) Limited, узнаваемая как PCSIL, уполномочена и регулируется как эмитент электронных денег Центральным банком Ирландии под регистрационным номером C175999.
Адрес регистрации: Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9. Регистрационный номер компании: 590062
Mastercard© является зарегистрированной торговой маркой, а дизайн кругов является торговой маркой Mastercard© International Incorporated.
Все права защищены© 2023

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