Today’s banks are facing a blizzard of regulatory change and profound choices about their future. Changing regulations, including Payment Services Directive Two (PSD2), General Data Protection Regulation (GDPR) and Basel Committee’s BCBS 239, all affect how banks deliver data to their customers. To both comply and remain competitive, banks need to take a unified approach to the new regulations, which is not easy when the implications of the new rules are not always clear and may continue to evolve.

The implementation of PSD2 in January 2018 is a seismic shift. Among other things, PSD2 regulates new types of payment institutions and makes banks open their systems through APIs. Although there is a time lag between PSD2 compliance in January 2018 and compliance with the Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) by September 14, 2019, banks should not delay their development of solutions that blend a frictionless customer experience with strong security.

Time to blend a frictionless customer experience with strong security.

About the Authors

Andrew McFarlane

Managing Director – Payments and Open Banking, Canada


Oliver Hommel

Senior Manager – Payments, Germany

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