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The World Payments Report, which was published by BNP Paribas and Capgemini in September, surveys banks on their reactions to the implementation of new regulation. While the regional regulations understandably have a higher impact in their home markets, global rules seem to be having an unbalanced impact around the world. The WPR unsurprisingly showed that the Single Euro Payments Area (Sepa) was having a moderate impact on Europe, but was not an issue in the US or Asia. Equally, Payment Services Directive II (PSD2), implemented by the European Commission, is having a significant impact in Europe, but not being felt in other regions. The US, however, is taking a far tougher approach towards payments security and technology than Europe and Asia. For example, the New York State Department for Financial Services is implementing cybersecurity regulations that will require institutions to develop a programme to address 12 aspects cyber threat covering data security and management, identity management and disaster recovery plans.
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