Jul 25, 2017

PSD2: Road to open financial market

Benefits are mutual: new directive creates an opportunity for individuals and businesses to make cross-border payments as easily and safely as they make local payments. On the other hand, it allows financial institutions to attract customers from other European countries with easy and accessible services at a better price.

PSD2 was adopted by the EU in 2015 to improve the existing rules and take new digital payment services into account.  It includes provisions to make it easier and safer to use internet payment services and better protect consumers against fraud, abuse, and payment problems. Moreover, it includes provisions to promote innovative mobile and internet payment services and strengthen consumer rights.

Among the changes is allowing access to a bank’s customer data for the third parties and introduction of two new market players:  Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP).

Forbis develops a new integration service dedicated to PISP’s and AISP’s. The service performs user authentication, instant payment processing, provides information about accounts. Users of Internet Banking will have the ability to specify what account information should be displayed while performing a transfer.