Meet the game-changer that is drastically transforming financial services. Meet PSD2, Revised Payment Service Directive. A challenge to many banks, including Hanseatic Bank that took this opportunity to improve their services. In short, PSD2 enables bank customers, both consumers and businesses, to use third-party providers to manage their finances. This set of Open Banking standards, for banks to comply with, was set by the European Commission.
One of the many banks impacted is the German Hanseatic Bank, which specializes in four core business areas: consumer credit, deposit, insurance and factoring. Since 2005 this private bank is largely owned by Société Générale, promoting an open approach to develop offers and client satisfaction. Hanseatic Bank took up the challenge and started their Open Banking journey.