Odd not to touch on Open Banking and PSD2 in Europe; as that is basically the future he is talking about.
In essence; financial institutions are legislated to add customer friendly UX and fraud prevention on top of standard bank to bank transfers. It's effectively a set of APIs that orchestrate it all, with things like dynamic linking to the payment and secure authentication rules for anti fraud.
The idea is for commercial offerings to build on top of the standard APIs (for example, to offer bank transfers in checkouts). In practice it's taking a bit to get off the ground - but providers like Tink (sold to Visa for a lot of money) and Truelayer and starting to get traction.
Australia and MENA region are heading down the same route.
Edit; for clarity, SEPA was the early moves to normalise what the European banks were doing from around 2008 onwards - and ended up with PSD1 rationalising it. As others have said this blog mostly only actually focuses on the direct debit element of SEPA not the credit payment side.
In essence; financial institutions are legislated to add customer friendly UX and fraud prevention on top of standard bank to bank transfers. It's effectively a set of APIs that orchestrate it all, with things like dynamic linking to the payment and secure authentication rules for anti fraud.
The idea is for commercial offerings to build on top of the standard APIs (for example, to offer bank transfers in checkouts). In practice it's taking a bit to get off the ground - but providers like Tink (sold to Visa for a lot of money) and Truelayer and starting to get traction.
Australia and MENA region are heading down the same route.
https://www.openbanking.org.uk/
Edit; for clarity, SEPA was the early moves to normalise what the European banks were doing from around 2008 onwards - and ended up with PSD1 rationalising it. As others have said this blog mostly only actually focuses on the direct debit element of SEPA not the credit payment side.