The fintech industry is cooking up a storm. According to Statista Market Insights, the global revenue of the fintech sector shall grow further in the coming years, probably going beyond 141.18 billion U.S. dollars in 2028. However, one thing that acts as a bottleneck is regulatory compliance. The Revised Payment Services Directive (PSD2) lays down stringent security and transparency guidelines for financial applications in the European Union; non-compliance can attract a fine of up to €20 million or 4% of the entity’s annual turnover. For fintechs, compliance down the line means simply developing valid apps. How can MERN stack (MongoDB, Express.js, React, Node.js) help simplify this development process?
How the solid architecture of MERN stack helps fintech applications to accomplish PSD2 compliance naturally. Whether startup or enterprise, application of MERN stack speeds up your compliance journey along with assurance on scalability and security.
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