European banks and payment service providers are reinventing their business and technology strategies. Some of these changes were analysed by a range of experts and senior bankers, and included in Finextra's European Payments Industry Insights Report, published earlier this week.Two of the recurring themes were: the approach of mandated real time payments and the move to open source data - PSD2, or, more correctly, the revised Payment Services Directive.The report also highlighted areas of opportunity for established players, including pitching to small business owners. Recent surveys have shown for example that there could be a strong latent demand among small and medium enterprises for real-time based services, according to Finextra. "A famously underserved customer segment, SMEs might well pay more for a package of solutions that integrated real-time payments and extra data services into cloud-based accounting platforms - creating a lucrative new niche from which banks could generate additional revenues," "Over the past 5-10 years a new model of payments has emerged - and banks have fought this - where the focus has to be on the added value," he says. "If you want a payments business as a bank in the future, where you must play is in the value added space."For example, Jonathan Williams from Mk2 Consulting, told Finextra that for SMEs, price is not the most important criterion."The most important element is tracking, so that the payer and the payee know when the payment will happen. This requires remittance information, and payments systems that are geared up for transferring a lot of data," he said. "Right now, the payments industry is not really helping SMEs with remittances, and the risk for the payments industry is that it ends up just transferring the value, when in fact it's all about the data. Every payment has a purpose," Williams says.This was re-iterated by Ben Styles, product and partner development for Asia-Pacific at accounting software vendor Xero, in a subsequent interview with Banking Day. He asserted that Australia has a unique chance to lead in the creation of global data sharing principles. "There's a lot of discussion about how consumers or small businesses can access their data," he said."The banks have a commercial interest in customer data and how it's protected. There is also the question of ownership of data - which again it leads to control.""When Xero launched its first bank feeds back in 2009 we learnt that the banks and their small business customers immediately understood the value that is created when the data from a bank account can be automated into a software package. What Xero did is work with the banking industry on a very robust model that allows the customer to opt in, authenticate and control who accesses their data. Xero also has very secure authentication processes that give the customer the ability to share that data with other applications that can use the data that sits within xeroWhile the PSD2 is creating a regulatory change  in Europe, with a very strong framework being put