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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.
axway.com
© AXWAY 2016. ALL RIGHTS RESERVED. PSD2: WILL YOU BE READY FOR 2018_EN_SHORTFORM_060816
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