Entry into force of the second EU Payment Services Directive PSD2
The second EU Payment Services Directive PSD2 comes into force in January. The business policy, technical and regulatory action required by banks is diverse and at the same time bank-specific. Among other things, the institutions will then have to observe and implement stricter security requirements for the authentication of their customers and provide evidence of this to the national supervisory authority. For banks and savings banks as service providers and for customers as users, there is a risk that logging in and approving payments will become more inconvenient. At the same time, the interface for access by authorized third-party providers must be implemented.
SRC expert discusses the complex PSD2 challenges and evaluates possible solutions
Sandro Amendola, Division Manager at SRC Security Research & Consulting GmbH, was one of the experts at the “Banken+Partner” round table. Mr. Amendola discussed the opportunities and challenges of PSD2 and outlined possible solutions for banks and savings banks.
The specific challenges for banks and savings banks
One example of these challenges are the interfaces for authorized third-party providers, the provision of which will become mandatory for banks with PSD2. Another example is two-factor authentication, which places even greater emphasis on security when accessing accounts. Increased security on the one hand is often not possible without making major compromises in terms of convenience and customer friendliness on the other. How this security can be achieved without sacrificing convenience and customer-friendliness was also explained by the experts present. Finally, they discussed the opportunities that can be exploited through cooperation with agile FinTechs.
Possible solutions for banks and savings banks
Sandro Amendola offers possible solutions in individual workshops and consultations on PSD2.
Image source: Banken+Partner/Photografie Schepp
