As of February 19th the Directive on Payment Service (PSD2) goes into effect, which leads to many changes for European banks and payment operators. PSD2 sets the stage for open banking, providing third-parties access to banks’ customer data and infrastructure.
PSD2 will lower the barriers to entry for these third-party providers, such as FinTechs, and stimulate the development of new business models. Because EU members must make substantial changes to comply with the new rule by the January deadline, PSD2 demands immediate attention.
With this in mind, PwC has set up a European PSD2 initiative to bring together a multi-disciplinary team of leading experts that can help you assess PSD2 impacts, design winning solutions and implement them in an efficient and effective way. Our goal is to help our clients analyse the challenges and identify the opportunities PSD2 presents to them.
The clock is ticking, and there is no doubt that PSD2 presents a number of challenges-- strategic, technological, operational and legal. Here are some important questions to ask yourself:
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