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The final deadline for full compliance with the Payment Services Directive 2 (PSD2) – 14 September 2019 is tomorrow!
The path towards compliance wasn’t an easy one and each new step in the process meant thorough research, dedication of human and tech resources, implementation of new technologies, plenty of testing and adjusting to the specific needs of individual banks. Two previous milestones in March and June envisaged getting the “sandbox” environment ready and enabling production APIs, before meeting the final requirements of PSD2 Regulatory Technical Standards (RTS) – Strong Customer Authentication (SCA) and Access to Accounts (XS2A) in September. However, close cooperation and mutual understanding between banks and Asseco SEE as a vendor and partner have resulted in the successful completion of 7 PSD2 implementation projects.
To comply with the regulation, strong-performing banks in Belgium, Malta, Croatia, and Romania have chosen PSD2 Enabler by Asseco with flexibility to run on-premise or as SaaS. Relying on a NISP certified solution that helps them achieve compliance covering three major pillars of the regulation:
- Exposing XS2A APIs
- Strong Customer Authentication (SCA)
- Transaction monitoring with a fraud management tool
the customers of Asseco SEE are fueled by technology to respond to the aims of PSD2 – promoting innovation, ensuring secure communication and enhancing customer protection, while at the same time reinforcing their competitiveness.
Although the ground-shaking September deadline is the deadline for achieving PSD2 compliance, it also marks a kick-start for opening up new possibilities. The banks that embrace PSD2 as a springboard towards open banking don’t have to stop here. The answer to their “what’s next” question is going beyond compliance and developing a digital arm of their banking business. Banks can use PSD2 Enabler as an excellent starting point and extend it with additional digital banking components and services.
Generating new revenue streams and providing new, innovative products are just some of the benefits introduced by PSD2 and the rise of open banking. More about the advantages they bring can be found in this video and by scheduling a free consulting call with our experts!