Payments

Deloitte’s global payments team serves clients across the entire payments ecosystem— issuing banks, acquiring banks, card networks and associations, acquiring processor/service providers, merchants, fintechs and payment platforms such as mobile wallets and real-time payments for B2B, B2C, and P2P.

With professionals across consulting, tax, risk advisory, and audit, Deloitte’s payments group provides end-to-end capabilities that can enable companies to offer a wide range of alternative delivery channels and enhance customer experience. Our services focus around:

• Strategy & innovation
• Partnership models
• Consumer (retail) services
• Business/merchant acquisition services
• Corporate/treasury management services
• Processing and network services
• Security, privacy, fraud & risk
• Regulatory & compliance
• Payment operations

Please reach out to us to discuss the latest trends in payments modernisation and how they might impact your organisation. Speak with our experts if you would like to discuss your payments strategies in detail.

Insights from the group

SEPA Instant Credit Transfer

SEPA Instant Credit Transfer (SCT Inst) has been launched since Nov 2017 across EU as an optional Payment scheme for banks to participate in. Adoption has been mixed across the EU due to PSD2/Open banking implementation deadlines. Read more

Payments trends 2020

In the year ahead, Deloitte predicts that payments companies will be making “big bets” on modernization, cloud computing, mergers and acquisitions (M&A), and collaboration with other industry players. Explore the five payments trends that will be driving change, presenting challenges, and creating opportunities. Read more

Economic impact of real time payments: A joint report between Deloitte and Vocalink

Real time payments have been adopted by a number of countries, but the opportunity now exists to extend the economic benefits through more countries adopting real time payments and implementing features that maximise take-up. This report helps policymakers understand the potential impacts of wider adoption on the ‘payments mix’, the benefits that will matter most for their country, and the scale at which those benefits might be realised. Read more

The future of consumer credit in Europe: A publication by Mastercard and Deloitte

The diverse and different European credit markets are seeing significant disruption and change, this report continues major trends and some of the implications for the future. Changing consumer behaviour, technological change and the implications of e-commerce are amongst topics covered. Supported by deep engagement across key stakeholders across the continent, we generate a view of an exciting future for this sector. Read more

Regenesis of South African payments: What needs to change?

South Africa will face a period of unprecedented change in the payments market over the next six years, as the South African Reserve Bank (SARB) and industry players move towards the stated Vision 2025 goals and review the NPS Act 78 of 1998. Read more

Open Banking: Challenging conventional liquidity assumptions and business strategies

Open Banking could have important implications for bank liquidity. Although the size, scale and timing of the impact are uncertain, the potential for major disruption is clear. Read more

Open Banking around the world: towards a cross-industry data sharing ecosystem

Europe might reasonably claim to be the 'cradle of Open Banking'[1] - after all, PSD2[2] and the UK's Open Banking Standard pioneered it. But, look around now, and open banking initiatives are popping up everywhere. It is not just a matter of replicating the European approach elsewhere. Read more

Baby steps, but no giant leap: PSD2 at six months old

Last Friday, 13 July, marked six months since the revised Payment Services Directive (PSD2) came into effect across the European Union (EU). With this in mind, we[1] have been taking the pulse of the market to understand how Account Servicing Payment Service Providers (ASPSPs) are progressing with both their compliance programmes and strategic responses. Read more

PSD2 finalised standard on SCA and CSC: the wait is over, but questions remain

Twenty months after the European Banking Authority (EBA) issued the first draft, on 13 March the regulatory technical standard (RTS) on strong customer authentication (SCA) and Common Secure Communication (CSC) under revised Payment Services Directive (PSD2) was finally published in the Official Journal of the European Union. Read more

PSD2 | Are firms ready?

Two months from today, on 13 January, the revised Payment Services Directive (PSD2)1 will come into effect across the European Union (EU). To understand how prepared the industry is for this deadline Deloitte surveyed over 70 firms across 18 European countries, between August and September, to gather their views. Read more

PSD2 and GDPR - friends or foes?

In the first half of 2018, two major new pieces of regulation will “go live” as the revised Payment Services Directive (PSD2) and the General Data Protection Regulation (GDPR) come into effect from January and May respectively. Seemingly unconnected, these two regulatory initiatives do in fact share two common aims – putting customers in control of their own data and keeping that data safe. Read more

The Open Banking era begins

Open Banking is intended to shake up the payments market by requiring banks to provide TPPs with customers’ transactional data and access to customer accounts to make payments on their customers’ behalf. But the Open Banking revolution will get off to a slow start while several regulatory questions remain to be answered. Read more

Open banking, open risk?

The financial services industry is changing faster than any other time in the last half century. Traditional retail banks face stiff competition from new market entrants including challenger banks and technology-based financial service providers (‘FinTechs’) that are often less restricted by costly legacy systems. At the same time regulatory changes are creating a new environment of ‘Open Banking’ that is diminishing the banks’ ownership of the customer relationship. Read more

Opening up the opportunities within Commercial Banking

The Competition and Markets Authority (CMA) announcement and the European Union’s decision to extend the scope of the original Payment Services Directive through PSD2, coupled with the Open Banking Standard set out by the UK government’s Open Banking Working Group, illustrates how the payments market will be opened to new entrants, driving further competition and accelerating innovation. Read more

Open Banking: Disruption is afoot for regulators as well as banks

The much anticipated “Open Banking” revolution will start in 2018 and will have profound implications for the retail banking sector. But what is perhaps less commonly acknowledged is that Open Banking has the potential to disrupt its own architects too. As the dynamics in retail banking change as a result of new products and services made possible by Open Banking, regulators too may need to rethink the way they operate and how they should redesign themselves to remain fit for the future. Read more

Payments disrupted

European banks face significant risks in the retail payments market, as emerging fintech players and regulatory reforms pose new challenges. In this report, we explore the main scenarios which are likely to emerge and the strategies banks could follow to respond to market changes. Read more