The Second Payments Services Directive (PSD2) is opening many doors for small companies in a bank-dominated industry. With the new rules some of the competences are transferred from the banks to the hands of the consumers. Consumers have the authority, through consent, to allow smaller companies to use consumers’ bank accounts to provide unique services. The two new categories of services, that were introduced by the PSD2, are account information services (AIS) and payment initiation services (PIS).
