The Payment Service Directive 2 (PSD2) extends the framework of the original directive with the explicit aims of promoting competition in payments. PSD2 recognises the increasing digitalisation of the financial sector, as well as the emergence of new market participants and service providers. Innovative services, especially for mobile and online payments business, are to be promoted. Equally important is the creation of a defined legal framework for providing account information and payment initiation services, including regulation of third party payment services providers. This creates the legal basis for FinTechs and other market players to deliver innovative solutions and compete with the banks for client payment services.
Key topics within PSD2 are innovation, security and consumer protection :
Omikron has ready solutions available which ensure that banks can meet the requirements resulting from PSD2. At the heart of this is the MultiCash Communication Platform which is designed as an omni-channel platform with fully integrated multibanking functionality. A new "Access to Accounts" interface can be implemented seamlessly as an additional parallel communication channel. All master data, dynamic data and user permissions are used uniformly across all channels and processes as before. The existing workflows for processing and forwarding of payments to the backend system remain unchanged. For authentication and authorisation, available and proven methods can be used. In this way, the new interface forms an integral part of Omikron’s omni-channel strategy, allowing services to be offered across all channels and client segments.