# Nets and OpenWay Collaborate on Monetization of PSD2 and Open Banking
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-12-16
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Unlocking Revenue Opportunities in Open Banking with PSD2
Meta Description: Discover the key to monetizing from PSD2 and open banking with the latest white paper from Nets and OpenWay Group. Download for free now!
URL: https://financedigest.com/nets-and-openway-collaborate-on-monetization-of-psd2-and-open-bankinghtml

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Nets, the Nordic digital payments specialist, and OpenWay Group, the leading digital payment software developer and vendor, today publish [a white paper](https://www.nets.eu/solutions/Consumer%20Management%20Services/Pages/Insights.aspx) for stakeholders seeking to monetize from PSD2 and open banking.

The paper is entitled _“PSD2 Consumer Solution: for payment players adopting PSD2 as a step towards Open Banking services & revenue streams”_. It explores stakeholder opportunities in open banking and addresses key business challenges presented by shifting consumer mentalities and expectations. It also highlights the conventional and emerging monetization drivers relevant to PISPs, AISPs and ASPSPs.

The authors propose a new concept, the ELASTIC user journey, which defines what [consumers expect from a service](https://www.financedigest.com/keeping-up-with-heightened-consumer-expectations-in-financial-services.html "Keeping up with heightened consumer expectations in financial services") provider at each stage in their payment experience. The paper also explains how an [open banking](https://www.financedigest.com/what-does-2022-hold-for-open-banking-some-predictions-from-the-ecosystem.html "What does 2022 hold for open banking? Some predictions from the ecosystem") architecture can deliver against these requirements.

Banks, merchants and other PSPs can use the checklists from this white paper to assess their readiness for PSD2 and open banking.

The core idea of the white paper is that providing digital interfaces to well-established banking services and complying with [evolving regulations](https://www.financedigest.com/evolving-ransomware-and-regulations-is-your-firm-ready.html "Evolving Ransomware and Regulations: Is your firm ready?") is no longer sufficient to stay competitive in the market – it is the service offering that matters. For any service provider, one of the key objectives is to provide fast customer onboarding and promote [spending on the basis of the enhanced service](https://www.financedigest.com/automobile-shortages-spending-shift-to-services-hurt-u-s-retail-sales.html "Automobile shortages, spending shift to services hurt U.S. retail sales") cycle.

“As the industry [moves towards](https://www.financedigest.com/the-orange-essential-oil-market-to-move-towards-constructive-advancements.html "The Orange Essential Oil Market To Move Towards Constructive Advancements") open banking, we can predict changes in the revenue dynamics of credit-based products,” comments TuomasNenonen, CMS Product and Business Development, Nets. “Banks will benefit greatly if they are able to transition from the [product paradigm towards thinking holistically about credit line/liquidity management](https://www.financedigest.com/geometric-progression-based-on-digitization-to-be-witnessed-by-reproductive-management-products-market.html "Geometric Progression based on Digitization to be witnessed by Reproductive Management Products Market"). Today ‘credit’ usually means cards or loans, but in the [future credit will be distributed easily across different products](https://www.financedigest.com/organic-soy-products-market-outlook-current-and-future-industry-landscape-analysis-2029.html "Organic Soy Products Market Outlook, Current and Future Industry Landscape Analysis 2029"). The new credit offering will also enable higher revenues by being able to carry different flexible fees and interests.”

“Payment processors are well-positioned to provide a complete solution that is both PSD2-compliant and open banking-oriented,” adds Alexander Tikhomirov, [Business Development](https://www.financedigest.com/dan-hodgson-joins-verasity-as-director-of-business-development.html "Dan Hodgson joins Verasity as Director of Business Development"), OpenWay Group. **“Banks and merchants can [manage the early-adopter risk by leveraging the processors’ technological leadership and market](https://www.financedigest.com/tinnitus-management-market-to-top-us-3-2-bn-driven-by-growing-burden-of-hearing-disorders-fmi.html "Tinnitus Management Market to Top US$ 3.2 Bn Driven by Growing Burden of Hearing Disorders: FMI") knowledge. As for OpenWay, we are supplying the [innovative WAY4 platform that supports Nets in their mission to deliver maximum benefits to their customers:](https://www.financedigest.com/customized-innovation-to-drive-the-human-microbiome-market.html "Customized innovation to drive the Human Microbiome Market") PISPs, AISPs and ASPSPs.”**

The white paper, _PSD2 Consumer Solution: for payment players adopting PSD2 as a step towards Open Banking services & revenue streams_, is available for download without charge [here](https://www.nets.eu/solutions/Consumer%20Management%20Services/Pages/Insights.aspx).


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