{{vm.title}}
25{{vm.includesText}}
{{item}}
{{vm.selectText}}
{{ vm.welcomeLabel.trim() }},
{{ vm.userName }}
{{ vm.text }}
{{vm.newUser1}} {{vm.newUser2}} {{vm.newUser3}} {{vm.newUser4}}
{{ vm.unknownUser }}
{{ vm.title }}
{{ vm.title }}
{{ vm.title }}
- {{ vm.siteSelectorList.flyout.cell1.heading }} {{ site.countryLocale }} {{ vm.siteSelectorList.flyout.cell1.global.countryLocale }}
{{ vm.closeTabLabel }}
- {{ vm.flyout.cell2.title }} {{ vm.flyout.cell2.newTabAllow }} {{ vm.flyout.cell2.title }}
- {{ vm.flyout.cell3.title }} {{ vm.flyout.cell3.newTabAllow }} {{ vm.flyout.cell3.title }}
- {{ vm.flyout.cell1.viewAll.label }} {{ vm.flyout.cell1.viewAll.newTabAllow }} {{ vm.flyout.cell1.viewAll.label }}
Embracing the era of Open Banking
Embracing the era of Open Banking
Is your competitive response fit for purpose? Organisations dealing with the Payment Services Directive 2 (PSD2) and Open Banking need to respond to the regulation and counter the challenges that disruptive regulation presents.
What is the Second Payment Services Directive (PSD2) and Open Banking?
Disruptive EU and UK regulatory changes are forcing the banking sector to allow third party payment providers access to their customers, creating significant opportunity and challenge for all players, both within the banking industry and to those who are close to it.
When will it come into force?
January 2018 is the critical milestone for both PSD2 and Open Banking, however there are further regulatory considerations such as the EU General Data Protection Regulation (GDPR), the fourth Anti-Money Laundering (AML) directive and the European Banking Authority standard on Secure Customer Authentication (SCA). These combine to create a web of complex requirements that banks will need to comply with.
In a little over eight months, organisations will have had to analyse the impact of disruptive regulation on their business, choose a strategy, define requirements, design and implement solutions and be able to demonstrate ongoing compliance.
How will it be implemented and who will it impact?
The HM Treasury PSD2 impact assessment highlights that over 1,599 financial institutions in the European Union may fall into the scope of a Payment Service Provider (PSP) under PSD2.
All PSPs will be required to provide access to third parties. These third parties
may use customer account information to provide value-add services, or use payment initiation to give customers a seamless payment experience. This presents a real risk of disintermediating banks from their customers.
Comply, compete, innovate
All banking and payment institutions need to be aware of the opportunities, but also tackle the challenges presented.
KPMG has developed a readiness diagnostic tool to help you look across your different organisational competencies and assess how you’re competing. We assess across a framework that considers compliance, competition and innovation strategies.
Embracing PSD2 and the era of Open Banking
Download the Open Banking timeline infographic.
You can download more information about Embracing PSD2 and the era of Open Banking (4 minute read).
