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Maybe they could buy Link? ;-)

To underline João's point above, even Monzo's cost per account is £15.

It's unlikely Monzo's servicing cost will lower to Google or Facebook (it's much more like the FAANG's will rise...), but if I were a traditional bank I'd aim for that £15 target.

(See Monzo's annual report for some fascinating insight).

This sounds like a good step forward, but it needs to be industry-wide, not just Mastercard & Microsoft.

Just imagine a system that all (well, most) financial and digital organisations could trust. This would lead to wider consumer adoption because they would be able to trust more platforms.

And it's about time too - we really need a reliable digital identity to combat fraud and spam.

Why would you do this using your car's wallet, rather than your mobile phone?

The biggest surprise about this unsurprising story is why the site hadn't opened up these APIs beforehand.

Insurance companies and other financial organisations could benefit from new business models through their APIs.

In fact, any company with a transactional website should consider API commercial models.

@Giles, I agree entirely with your point about scammers' heaven.

I also congratulate you on the highest ever use of multiple acronyms on a Finextra article. :-)

That same Accenture report was already discussed elsewhere on Finextra (see here). I'm not sure that gives the conclusion of a "lukewarm reception from consumers".

If PSD2 is implemented well, it could be fantastic for consumers and retailer loyalty.

Why don't they accept facial recognition instead?

Ah, branding. I think I just answered my own question.

And this is before you even consider how PSD2 will help retailers and affect the banks.

Banks should capitalise on their customer base, brand trust and security by offering trusted online identity, e.g. a single sign-on that is trusted by consumers and retailers.

Interesting research. Millions of consumers already trust retailers with bank details by leaving their credit card details on file with Netflix, Amazon, Uber, Apple, etc. Just as Richard described above, as soon as the advantages of PSD2 become clear, it might end up becoming 'the norm'.