Banks should start preparing for Payment Services Directive 2

Banks should start preparing for Payment Services Directive 2

Less than 18 months to go before Payment Services Directive 2, one of the most disruptive regulations in the financial industry, kicks in. Stefan Dierckx, CEO of Projective, reflects on the regulation’s impact.  Payment Services Directive 2 (PSD2) is a European regulation that forces banks to open up their account (so called Access to Accounts) and payment infrastructure to third party payment service provides (TPP’s). For banks, opening up their systems, granting access to competitor banks and other commercial players on the market, and potentially losing hard-earned touch points with their end clients is not an attractive scenario. To my surprise, a large number of European banks seem to consider this new regulation as just another rule with which they need to comply. “We still have 18 months to go, the technical standards are not 100% complete yet, so what’s the rush?” is a common reaction on the forthcoming introduction of PSD2.

Banks that have spent some time working out the potential consequences and fully understand the impact of PSD2 on their banking model are actively working on their future offerings under the motto “Offense is the best defence.

.

Sourced through Scoop.it from: www.consultancy.uk

Leave a Comment