PSD 2: shaking up payments | KPMG | LU

PSD 2: shaking up payments

PSD 2: shaking up payments

The new EU Payment Service Directive 2 (“PSD 2”) comes into effect on 13 January 2018.

The new EU Payment Service Directive 2 (“PSD 2”) comes into effect on 13 January 2018.

The new EU Payment Service Directive 2 (“PSD 2”) comes into effect on 13 January 2018. The revised version of the directive is the result of a fundamental review of Payment Service Directive 1 (“PSD 1”) and replaces, updates and expands it in key areas.

The driver of the PDS 1 revision was, besides wanting to increase competition and innovation in European payment transfers, aiming to further improve consumer protection and the security of payment processes. This means that the scope of PSD 2 has been extended and now also affects so-called third-party payment service providers (i.e., non-banks).

Besides new rules for liability and for technical means of customer authentication, a key feature of PSD 2—which makes it worrying for banks and their traditional business models—is the account access (XS2A) for third-party service providers provision.

For banks, XS2A represents a significant turning-point as to what, and primarily how, their services can be offered to customers.

PSD 2 is a chance for banks to reinvent themselves, diversify their products and service offerings, and continue to be recognised for adding value for their customers.

Connect with us

PSD2 and the power of APIs

PSD2 and the power of APIs

PSD2 aims to catch up with the fast technological advances and to further stimulate Europe’s fintech industry.

PSD2 is almost here

PSD2 is almost here

PSD2 is almost here – are Amazon, Google & Co. the new house banks?

How PSD2 will change the banking landscape: Part 1

PSD2 is not just another regulation and will open doors for more and more startups...

 
Read more

How PSD2 will change the Banking Landscape: Part 2

This blog post explores potential business models or strategies the banks are looking at.

 
Read more

Banks can turn PSD2 regulation into payments innovation

EU open banking standards could enable banks to launch innovative global payment methods.

 
Read more

Regulatory, Governance & Compliance

Regulatory, Governance and Compliance continues to be complex business challenge.

 
Read more

FinTech Awards Luxembourg

Meet new clients. Gain credibility. Get funded.

 
Read more

Event

The Digital Fund series

May
30
  • 30 May 2017

Robotic Process Automation

 
Read more
 
Register
 
Read more