97% of merchants are ready to implement open banking initiatives despite SCA delays

While the final part of the EU’s open banking regulations has been delayed, most UK merchants are ready to implement open banking services.

That is according to research from Nuapay, a subsidiary to open banking company Sentenial.

The European Banking Authority announced that it would delay the implementation of strong customer authentication (SCA) part of the Revised Payment Service Directive (PSD2) until New Year’s Eve 2020 in October.

The research is based on a survey of 100 CFOs, financial directors, heads of payments, heads of product, chief product officers in the airlines, supermarkets and subscription economy sectors.

According to Nuapay, 97% of merchants expected to implement open banking services within the next year. Moreover, 79% of the people polled believed their companies plan to use open banking services and are ready to do so.

Still, 76% believed implementing open banking would be a challenge.

Copyright © 2019 FinTech Global

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