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On October 24, 2018 in organizations of Association of Montenegrin banks, BACEE and Online Business technologies from Budapest, Hungary, made presentation of PSD2 the EU directive (known as PSD2. In short, PSD2 enables bank customers, both consumers and businesses, to use third-party providers to manage their finances. In the near future, you may be using Facebook or Google to pay your bills, making P2P transfers and analyse your spending, while still having your money safely placed in your current bank account. Banks, however, are obligated to provide these third-party providers access to their customers’ accounts through open APIs (application program interface). This will enable third-parties to build financial services on top of banks’ data and infrastructure.

The PSD2 and the so-called open banking is one of the most frequently discussed topics in the banking conferences today. This is no coincidence: the evolution of information technology has enabled new business models to evolve in a number of industries, changed consumer habits, and these changes penetrated the financial services market through FinTech and BigTech companies. PSD2 facilitates this process from the regulatory side, since it allows FinTech companies to access banking databases to help promote the spread of financial innovation. Open banking is a collaborative model in line with the above changes, whereby banks try to provide higher quality and more versatile services to their customers by involving FinTech companies. Banks must not only see obstacles and reduce revenues, but to look at new revenue opportunities through service imposed on new technologies.