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Preparing for open banking

Preparing for open banking

How can we help you turn PSD2 into innovation?

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Preparing for open banking

How can we help you turn PSD2 into innovation?

The revised Directive on Payment Services (PSD2) is the latest in a series of laws recently adopted by the EU that will allow for open banking and aims to introduce more innovative, cheap and efficient payment services and better protection for European consumers. 

The revised Directive has the potential to transform the way banks operate, both in the EU and beyond, and it provides an opportunity for banks to crystallize their future strategy in the light of the changing market. The time to act is now. Banks need to define their overall strategic positioning in the new ecosystem and their ability to create value. Early movers will have a competitive advantage. 

Our specialists can help you to search for the appropriate technology and partnerships, and also look at the internal operation and the flexibility of your organization.

Be compliant with the new directive:

Compliance to the revised Directive is clearly a top priority for banks, while maintaining data privacy and cyber security, and preventing fraud and financial crime. In cooperation with the experts from K law *, an independent law firm, we can help you to navigate these challenges.

Develop technologic platforms:

PSD2 is more than being compliant: banks can gain a competitive advantage by becoming tech innovators. By updating their technology and aligning it with their operating model, they can offer the same smooth customer experience as the tech firms. Our specialists can help banks in assessing their IT infrastructure and processes and the development of new technologic platforms to help ensure they are capable of not just complying with the regulations but maximizing the opportunity as much as possible.

Search for partnerships in the fintech sector:

Traditionally, banks were focused on safeguarding and shielding their customers’ data. The new Directive requires a change in this mindset, as the PSD2 will force them to open up their platforms and enter into partnerships. At the same time, speed to market is essential. Choosing the right fintech partners will allow them to get services quickly into the market. Our experts can support you in choosing the right partners. 

© 2018 Kratos Law, a Belgian civ. CVBA/SCRL civ. All rights reserved. * Kratos Law civ. CVBA/SCRL civ. has entered into a cost association with KPMG Tax Advisers civ. CVBA/SCRL civ.

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