PSD2 (Payment Services Directive) & RTS (Regulatory Technical Standards)
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1 PSD2 (Payment Services Directive) & RTS (Regulatory Technical Standards) Begoña Blanco Sánchez Head of Payments -Product management Daily Banking ING Belgium Creobis 16/5/2017
2 Agenda PSD2 Objectives RTS objectives PSD2 content Scope extension (currencies, fees, value dating) Strong Customer Authentication TPPs PSD2 will change banking landscape Pending questions Opportunities and points of attention Conclusion Questions? 2
3 Evolution of online payments &PSD2 In 2015, 4% more Belgians made an online purchase. That s new customers. Source: Comeos - E-commerce - Belgium
4 Evolution of online payments & PSD2 64% of Belgians buy online, placing Belgium in the top e-commerce country in the EU Share of e-buyers in the EU Member States, 2015 Highest proportion of e-buyers in the United Kingdom (81%), Denmark (79%) and Luxembourg (78%) followed by Germany (73%) and the Netherlands (71%). In Belgium, 64% of the population aged 16 to 74 purchased online. In the EU the proportion is 53%. Source: Eurostat 4
5 RTS Objectives Apply Strong Customer Authentication ( SCA) Apply Secure communication between parties (banks & TPPs) (management of the APIs ( Application Programming Interfaces)) Implementation in Europe: April, 2019? (Adoption by EC in October, 2017? + 18 months) Bank = ASPSP (Account Servicing Payment Services Provider) 5
6 PSD2 content 1. Scope extension/ Execution time & value date International Payments non EU currencies are in scope 2 leg payments non EU currencies 1 leg payments are in scope Examples: a payment in USD with debit & credit in Europe ( 2 legs) : fees will be shared For one leg in/out: transactions BEN or OUR are still possible 6
7 PSD2 content 2. Strong customer authentication (SCA) something you have something you know something you are What does it mean for you? a. Contactless payments in POS No SCA requested for consecutive 5 payments or < 150 euro SCA applied for the 6th transaction or above of 150 euro b. Online payments 5 payments or < 100 euro 7
8 Other examples transparency of information & value dating When the exact amount is not known in advance reservation mechanism applied for card based payment transactions An amount is reserved ( depending of the type of card) Payer has to give consent to the exact amount blocked When amount is paid, reservation is unblocked ex: booking an hotel, car rental, get some fuel Status today? Coins brought to the bank branch at D: value date of the credit = D 8
9 PSD2 content 3. New regulation for Third Party Providers (TPP s): who are they? TPP is a Legal entity performing activities of Payment Initiation Services (PISP) Account Information Services (AISP) Card-based Payments Instruments Issuers (CISP) confirmation of availability of funds -> yes/no How? via access to bank accounts -> using the online open banking infrastructure (via APIs) The account owner has to be informed & give explicit consent NB: no obligation to enter in a framework contract with the bank 9
10 PSD2 content Payment account account held in the name of one or more payments service users which is used for the execution of payment transaction Depending of the country, Payment account can cover more than the simple Current account Consent No data will be shared without Customer consent Archiving? Consent management? 10
11 Obligations of a Third Party Provider Register its business with the competent authority (depending of the country, in Belgium: the National bank) Payment Institution licence to operate Register at European Banking Authority (EBA) TPP is not allowed to store any data for purposes other than for providing the account information service TPP is not allowed to request any data other than the one necessary to provide the payment initiation service TPP is not allowed to hold at any time the client funds ASPSP cannot discriminate TPPs only if objectively justified and evidenced reasons 11
12 PSD2 will change banking landscape Consumers & Businesses Bank channels internet / Mobile banking AISP / PISP APIs Payment accounts API = Application Programming Interface 12
13 PSD2 will change banking landscape TPPs Banks? Exposure of data Payment accounts APIs gateway?? Other Providers? Cross border banks 13
14 Priority focus of PSD2 is on smaller businesses consumers Businesses Bank channels Invoicing for SME Reporting players Accountancy players Sector-driven solutions Banks could play a role for each segment of customers
15 Pending questions? Screen scraping? Payment accounts? More? Sensitive data? Focus on Fraud, quid GDPR? Sensitive transactions? 15
16 Opportunities & points of attention Reduce the vulnerability post PSD2 to remain in competition Evaluate the opportunities we can extract from the new regulation Do what we do best: bring easy & efficient solutions to our customers Benefit from PSD2 to create value added services, products & link them to other initiatives ( Instant payments ) 16
17 Conclusion PSD2 will impact the activities of each player on the market PSD2 will impact our clients PSD2 will change the Payments world it is an evolution not a revolution Innovation is key! Time to get ready! 17
18 18 Questions?
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