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PSD2 - The second Payment Services Directive
- 1. TIMELINE Detailed calendar PSD2 isa European regulation adapting the regulatory framework of payment services to the challenges posed by the emergence of innovative services, the rapid growth of electronic payments and the steady pace of technical innovation Processing operations Access to accounts Security and operational risk management PSD2 RTS (Regulatory Technical Standards) Dec. 2007 PSD : First PSD comes into force July 2013 Proposal for a revision of PSD submitted by the European Commission Aug. 2016 Release of RTS - Consultation Paper by EBA Oct.- Nov. 2017 RTS - Adoption by the European Commission Aug. 2019 RTS come into force Nov. 2009 PSD : Deadline for transposition in national legislation Jan. 2016 PSD2 goes into force Feb. 2017 Final report of ABE on RTS projects 13 Jan. 2018 PSD2 : Deadline for transposition into a national legislation PSD sets the foundation for common rules on electronic payments in the EU PSD2 aims to boost innovation, enhance consumer protection, improve the security of internet payments and account access within the EU Oct. 2015 Adoption of the PSD II by the European Comission THE CONTRIBUTIONS OF THE DIRECTIVE AISP Access to the accounts and transaction data Consists on providing consolidated information about one or more payment accounts held by the user with one or more other PSPs PISP Authorize payments directly from the account Consists on initiating a payment order at the request of a user from a payment account held with another PSP Focus on the account access The impact of PSD2 on the payment flows 3 Pillars The directive deals with issues that are based on 3 pillars EXAMPLES OF RECENT NEW PLAYERS PSD2 - The second Payment Services Directive Transposition into a national legislation Application of the rule Transposition into a national legislation The directive transforms the banking sector and payment services Comply & Compete Illustratingthecompetitionenhancement Heading toward more connected services Card scheme Acquirer Merchant PISP AfterPSD2adoption New parties can act as «Payment Initiation Service Providers» of work with PISP to simplify the flow of transactions and payments BeforePSD2 Proprietary Apps Proprietary Apps Internal API Internal API Customers Customers Third Party Apps BANK DOMAIN BANK DOMAIN Issuing bank Customer Issuing bank Customer Bank Data Bank Data & Expose APIs to allow access of the directive information to TPPs in compliance with the RTS Grant TPPs access to Account information (for AISPs) and Payment initiation (for PISPs) Ensure a high level of consumer protection against fraud and such as contentious transactions (Repayment D+1 time limit ) Strengthen security and payment protection procedures in case of fraud between TPPs and banks COMPLY Monetize the payment information access Customer documentation, accounts savings, transfer / withdrawal Aggregation Services (multi-banking) Explore the open-banking area Enhance partnerships in order to keep a key role in the value chain and keep control over the distribution process Develop new services and APIs • Design premium APIs to access to other customer data • Aggregate the Data and enhance the information security Get a position as AISP or PISP Offer Accounts Receivable Aggregation Services (multi-banking) and order payment initiation by direct access to the customer’s account via the online bank COMPETE Customers 12 Jan. 2016 13 Jan. 2018 Sept. 2018 to Aug. 2019