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PSD2 compliance, consulting services
Regulatory and compliance pressures on financial institutions have been increased with the introduction of PSD2. Deloitte can assist its clients in carrying out the mandatory independent review in an efficient and value-creating manner.
Why is this important?
The European Commission Delegated Regulation 2018/389 (PSD2) requires an annual review of security measures and PSD2 compliance by the payment service provider. In addition, the MNB Recommendation 18/2016 also requires the existence of an independent audit.Essentially the review should cover the whole of the PSD2 requirements. That is, the technological and procedural arrangements for strong customer authentication, the process for calculating and reporting fraud rates, and the practices for exception handling and operational risk analysis (if the exception handling is used by the financial institution).
How can Deloitte help?
We conduct a compliance, fact-finding analysis based on the requirements of PSD2. Our review covers all systems and authentication solutions whereby a financial institution's customers may initiate a financial transaction. We provide best practices and practical action plans of industries to address non-compliances, whether process or deficiencies. Deloitte works closely with the PSD2 Knowledge Centre in the region on PSD2 compliance and advisory projects to support our clients.
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