Information for banks (English language)
The Payment Service Directive 2 (PSD2) represents a major regulatory change to the financial sector. The directive forms the legal basis for creating an EU-wide market for payments. It aims to promote innovations, improve the security of European payment services and enhance consumer protection.
One significant component is the legal framework for dealing with new market participants providing payment initiation and accounting services. To do so, an interface (Access to Accounts) must be provided by the account-holding bank, allowing clients to collect account information and initiate payment orders. Additionally aspects, such as the strong client authentication and a complete audit trail must be considered to respond to new requirements of traceability.
“Instant Payments” is another topic which will accelerate the introduction of new and innovative products in the coming years. Key to this initiative is the capability to process payments in real time. The introduction of Instant Payment to the market is planned for November 2017.
Financial institutions are not obliged to implement Instant Payments. However, it can be expected that client demand for an immediate execution of their payments will increase very quickly. For this reason, introducing Instant Payments is likely to make a bank more competitive.
Ultimately, PSD 2 and Instant Payments deliver much more than a commitment to fulfil regulations. These initiatives represent the response of the regulators to the digitalisation of the financial sector, which has seen the emergence of new services and increased customer expectations.
For this reason each bank should evaluate how far the forthcoming changes can be used as an opportunity to build a more innovative and powerful set of services.
This one-hour webinar aimed to explain the implications of PSD2 and Instant Payments for Corporate Banking and demonstrate technical and strategic solutions.
Our speakers :
Questions can be raised during the presentation and sent to the speakers using the chat option.
How to take part
There is no charge for taking part in the webinar. You will receive the access information 7 days before the event.
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