Gemalto, the global enabler in digital security, believes that the implementation of PSD2 (Payment Services Directive 2) offers European banks a unique opportunity to deliver digital innovation, robust protection and seamless user experience that will be critical in a new era of open markets.
The Regulatory Technical Standards (RTS) have just been published in the EU Official Journal, and detail the responsibilities and obligations of all banking and payment stakeholders concerning access to account, customer data protection, user convenience, and payment security.
Gemalto believes that long term success will be built around solutions tailored to individual requirements, whilst drawing on products and services already proven to deliver the core principles of PSD2.
Adoption of the Regulatory Technical Standards sets 2019 deadline for PSD2 compliance
After vigorous and extended debate, the Delegated Act supplementing PSD2 Directive with regards to RTS for strong customer authentication and common and secure standards of communication was published on March 13th. The standards will come into effect on September, 14th 2019, although banks API implementations will be tested and audited as early as March, 14th 2019.
Expert advice available to help banks innovate and adapt
“The clock is ticking and banks must face up to the challenge of meeting all the requirements of PSD2,” said Patrick Kleuters, SVP Europe, Banking & Payment, for Gemalto. “The good news is that we have integrated solutions that can achieve these new objectives: our Mobile Authentication & Biometrics suite to forge smoother and secure digital journeys for customers, or our Assurance Hub to manage the risk assessment just to mention a few. As a recognized leader in this field, Gemalto is committed to offering banks expert guidance as they seek to innovate and adapt.”
PSD2 opens the door to compelling customer offers and wider collaboration
Gemalto’s PSD2 compliance team suggests not to have a ‘one size fits all’ response to the introduction of PSD2. “The optimum approach will be different for each bank,” added Kleuters. “Companies need to shape solutions around their own IT infrastructures and market requirements. However, if they get the strategy right, there is undoubtedly vast potential to reap the benefits of innovative customer offers and closer collaboration with other industry players.”