Are you ready for Open Banking and PSD2?
European PSD2 Survey on how firms respond, both from a strategic and compliance perspective
As PSD2 is approaching ‘go-live’, our clients put their back into delivering. With just a bit more than 2 months to go. Are firms on track, from a compliance and strategic perspectives? Where are their uncertainties and how are these being handled? Have a look at their responses and see where you rank.
European PSD2 Survey
Over August and September 2017, we conducted interviews with 70 clients’ across 18 European countries to gather their views on the revised Payment Services Directive (PSD2) and how they are responding, from both a strategic and compliance perspective. Respondents were drawn from a variety of senior roles, most common were ‘heads of’ business lines, but also PSD2 programme leads and Project Managers (PM). The survey covers profile, Third Party Access to accounts, Strong Customer Authentication, Strategic response to PSD2 and final thoughts.
Compliance wise, the majority of firms feels confident they will be ready when PSD2 goes “live” next January. However, a significant minority still has substantial work to do. Some of the key challenges, shared by most respondents, include:
• The lack of a finalised Regulatory Technical Standard (RTS) on Strong Customer Authentication and Secure Communication
• The lack of common Application Programming Interface (API) specifications
• Liabilities under the Third Party Access model
• Maintaining a positive user experience when applying Strong Customer Authentication (SCA)
Although most firms are approaching PSD2 as on opportunity, they remain very aware of the threats it poses to their business models. Remarkably, only a quarter of firms feels ready and confident about their strategic plans, or have secured adequate budget and resources to develop them appropriately.
Our view on PSD2 and Open Banking
Next to the challenges and uncertainties in being compliant, PSD2 and Open Banking trigger fundamental discussions on the role of the bank and set-up of the value chain. Being successful requires clear choices on your position, the open banking services you will provide and who are your key partners in the future.
Please join us on November 14 and 15 2017 on a 2-day PSD2 and Open Banking Conference to discuss survey results and implications of Open Banking on business models.
For more information on PSD2 and Open Banking please contact Roeland Assenberg van Eysden at +31 (0)88 288 0384 or via the contact details below.