However, there are still key issues to be addressed if these new regulations are to reach their full potential. Starting with the fight against fraud, which is not taking full advantage of collaboration between banks and fintechs. At Fintecture, we are investing heavily in technologies capable of complementing banking systems, which are still burdened by complex information systems that are costly to transform rapidly. It is therefore in everyone's interest, first and foremost that of the citizens subjected to these fraudulent attacks, to provide a framework for information sharing between regulated establishments. The new texts touch on this collaboration, but remain timid, complex and therefore limiting. 

The other challenge is for some banks to catch up technically. While the majority of banks have made significant progress, some are lagging behind, with APIs that are uneven, exclude business accounts or are even dysfunctional. The truth is, to guarantee reliable execution upon initiating a transfer, with clear payment statuses for a merchant, additional services need to be added. This is a situation that the regulator will have to adjust if it is not to penalize the growth of the market as a whole and the adoption of consumers, who are used to fluid digital services. 

In addition, Payment Service Providers (PSPs) will soon benefit from PSD3 and PSR (Payment Services Regulation). This new European regulation will clarify the liability regime between fintechs, banks and their customers, to the benefit of all. It's a safe bet that this precise framework of responsibilities will boost the performance of existing APIs under PSD2, as banks will be required to communicate information even more fluidly to regulated players such as fintechs.

Finally, a scheme (European contract) and two other key texts are currently being prepared. The first, to be introduced by the European Payments Council in 2023, concerns premium APIs, which will be fee-based functionalities added to existing APIs resulting from PSD2. They could enable other types of service (for example, the current SIP enables immediate or deferred credit transfers, but does not allow an amount to be pre-booked on an account, like a bank card imprint system). The others concernOpen Finance, which would extend access to payers' financial data to financial data not necessarily linked to payment accounts (savings accounts, for example). The aim is to offer solutions that are even more adapted to the market, and to improve the fight against fraud. Here again, significant progress could be made: PSPs will be able to collect customer data very quickly and automatically, with the customer's consent, and thus become key players in the credit market, able to respond almost instantaneously to financing needs. Furthermore, the regulation on the digital euro will enable the European Central Bank to create a new currency, which could be directly accessible to payment institutions.