Second EU Payment Services Directive PSD2 comes into force
The second EU Payment Services Directive PSD2 comes into force in January. The business policy, technical and regulatory need for action to be taken by credit institutions is diverse and at the same time individual for each bank. Among other things, the institutions will have to observe and implement stricter security requirements for the authentication of their customers and prove these to the national supervisory authority. For banks and Sparkassen as service providers and for customers as users, there is a risk that login and payment release will become more inconvenient. At the same time, the interface must be implemented for access by authorised third parties.
SRC expert discusses complex challenges and evaluates solution approaches
Sandro Amendola, Division Manager at SRC Security Research & Consulting GmbH, was one of the experts at the table talk of “Banken+Partner”. Mr. Amendola discussed the opportunities and challenges of the PSD2 and outlined possible solutions for banks and Sparkassen.
The challenges for banks and Sparkassen
An example of these challenges are the interfaces for authorised third party providers, which PSD2 requires to be made available by banks. Another example is two-factor authentication, which further enhances account access security. Increased security on the one hand is often not possible without making too great a sacrifice in terms of convenience and customer friendliness on the other. The experts present also explained how this security can be achieved without loss of comfort or customers. Finally, the opportunities that can be exploited through cooperation with the agile FinTechs were discussed.
Possible solutions for banks and Sparkassen
The entire expert discussion, as well as the topics and solutions, can be read in the free e‑paper from “Banken+Partner”. In addition, Sandro Amendola is available for individual workshops and consultations on PSD2 and its implications.
Image source: Banken+Partner/Fotografie Schepp