The rapid development of fintech and the sphere of digital payments in the European Union has allowed a wide range of different PSD2 developers to emerge and flourish. More and more brands, apps, and solutions are becoming increasingly active in what’s already a leading innovator in the world of finance. So, we’re here to help out some new developers and those who are thinking of starting an enterprise in this field. We’ll highlight some worthwhile facts and insights about what you should know as a PSD2 developer.
Outsourcing is a great help
A new business, whether it’s a developer or any kind of another service provider, will always run into some kinds of obstacles. For new developers in the digital finance sphere, those obstacles are usually legal-related. If the tech part is sound, but the legal side of things needs to be managed, you shouldn’t hesitate one bit to hire 3rd parties for consultations and other kinds of help. Don’t be afraid to delegate some of the workloads outside of your office to make the overcoming of obstacles easier and much more fluent.
API Aggregators – a super useful tool
API aggregators are considered to be the most valuable tool in the world of fintech in the EU, where open banking is in full effect. API aggregators are able to offer connectivity to multiple financial institutions via a single access point making services that integrate these aggregators, much more attractive to both service providers and customers.
When it comes to PSD2 solutions, they are becoming increasingly important and innovation is key to becoming a successful developer. Furthermore, top-end aggregators can help you develop your own, unique user interface with full customizability.
Keeping track of the ever-changing market
It took a decade for the first Payment Services Directive (PSD) to be revised and the 2nd iteration to be released. The days, weeks, and months are ticking after the launch of PSD2 and those who are monitoring the digital innovation of the European market and the whole world will be more aware of the future shifts and changes in the market.
For a new business, it is especially important to be aware of the ever-changing conditions of the market. Legislative, tax, and all sorts of other changes have a huge impact on a new business. Exploring every possibility, taking advantage of every leniency and opportunity is key in order to prosper.
Focusing on a particular market
New businesses in the EU have a very unique luxury that they usually sometimes take for granted. It is the integration and the stride towards a unified, single European market. Service providers from one end of the EU can easily become an active business in an entirely different country and that’s the beauty of open banking.
However, statistics show that new developers should focus on their core market first. The core market is usually the home and domestic market of where your organization is based off of. Nevertheless, pick your location and focus on the local regulations, taxation, and labor market nuances to squeeze every possible benefit and create a stable economic foundation for your business. (https://nordigen.com/en/psd2/developer/?edit_off=true)
