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Digital Business Enablement

PSD2: Will you be ready for 2018?

What’s new in PSD2?

To learn more, download our white paper, “Ready for the new EU digital payments value chain?”

With the right vision and implementation strategy, the transformation forced by PSD2 can help traditional banks and other institutions become digital innovators and disruptors, ensuring they will not only remain relevant, but take the lead in the new digital payments value chain.

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How will PSD2 change the payments value chain?Increased competition from new players — the TPPs

XS2A removes barriers to entry for new retail and Fintech players, clearing the way for them to create new payment options and value-added services, such as personal finance management, that can aggregate information from multiple consumer accounts.

Compressed testing window

Adding uncertainty on top of complexity, the European Banking Authority (EBA) will continue to issue requirements until mid-2017, leaving a very small window of time for testing and implementation.

What is the timeline?

January 2018

Full transposition deadline for all EU countries

January 2016

Entry into force of PSD2

2016 and 2017

Publication of EBA Guidelines and Regulatory Technical Standards

Expanded scope and technical requirements

New TPP Players

Payment Initiation ServiceProviders (PISPs)

Account Information ServiceProviders (AISPs)

More SEPA Payments

Non-EU currencies with both legs in EU

All currencies withone leg in EU

Enhanced SecurityStrong customerauthentication

Secure and open access tocustomer accounts (XSA2)

Better ConsumerProtections

Unconditional refund rights

Fraud protection

“The EU payment services market remains fragmented and expensive, costing €130 billion, or over 1% of EU GDP, a year. The EU economy cannot afford these costs, if it wants to be globally competitive.”

— Antonio Tajani, Lead Member of the European Parliament (MEP)

Personal finance

manager (TTP)

Mobile apps

Online banking

Customer

Bank D account

Bank C account

Customer bank

account

Bank B account

XS2A

XS2A

XS2A

XS2A

XS2A