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30 July 2018

Navigating the PSD2 and GDPR challenges faced by banks

The revised EU Payment Services Directive (PSD2) came into force on 13 January 2018. PSD2 promises to reshape the current payments environment. Its implementation allows both traditional financial organizations and their newer FinTech rivals to provide payment services, increasing competition and — hopefully — efficiency. PSD2 allows third parties to enter the payment market and provide new services in the area of account information and payment initiation by accessing the financial data of a payment service user (PSU): this is called the access to account rule. Incumbent banks can also choose to develop account information services (AISs) and payment initiation services (PISs). Providers of these services are called AISPs and PISPs, respectively. Incumbent banks must decide either to comply with the new legislation or harness the opportunities it offers for services. EY provides further details.

Document ID: 2018-5915

 
 

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