PSD2 in Europe
The start to a new future of banking?
On 19 February 2019 the Directive on Payment Service (PSD2) went into effect, which led 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.
Preparing for PSD2: Are you asking the right questions?
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:
- Have you conducted a thorough impact assessment, taking strategy, products, operations, IT, legal, compliance and your global footprint into account?
- Do you know how to address PSD2 in all local markets, while ensuring an overall strategic approach?
- Is your PSD2 project organisation striking a good balance between agility and involving all relevant parties, while still meeting deadlines, staying within budget and maintaining quality?
- How do you balance PSD2 compliance and pursuing strategic opportunities arising from PSD2?
- Have you explored the opportunities around developing innovative solutions and new services?
- How can you benefit from increased data availability and open infrastructures?
- Have you considered potential partnerships with FinTechs and third party providers (TPP) to find new business solutions?
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