PSD2

The revised Payment Services Directive (PSD2) entered into force in the European Union in January 2018. By law, banks must make customer data available in a secure manner and, where applicable, grant third parties access to their customers' accounts. However, equally important to these compliance efforts are the strategic implications for banks.

Increasing digitisation was boosted mainly by three areas: more users from all population groups using tech devices; a change in the habits of consumers, who find these payment methods more efficient; and development in the market through players that adopt marketing strategies aimed at increasing the use of electronic tools and collecting information on customer behaviour.

In this context, the new PSD2 encourages the use of innovative digital tools, while at the same time regulating services and payment practices already in force, such as apps that aggregate the balances of several bank accounts or send money via social networks. In a few months' time, banks should have the legal, operational and technological systems in place for strong customer authentication (SCA) and give third parties access to customers’ bank accounts, constituting a definitive end to banks’ role as gatekeepers of customer payment data.

Many banks say they want to use PSD2 to change their strategic positioning. To do this, they will need to analyse the emerging payment landscape, bearing in mind their main strengths, as well as those of FinTech players. Once they do this, they can identify new revenue opportunities for services. This may include AISPs (account information service providers) or PISPs (payment initiation service providers), and banks may consider new business models.

PwC proposes an approach that goes beyond merely complying. We believe in digital opportunities that will maximise customers' experience and help banks stand out from the crowd. We want to co-create your future business model, together.

In this respect, our service offering covers the following areas: