Dating psd2 value
PSD2 will: Make the European payment market more effective and integrated. Reduce the entry barriers for new players to act as payment service providers and pave the way for new innovations and escalate the competition. Fix the existing loopholes in the previous regulation to strengthen the customer protection and enhance transparency.
Introduce new services and new service providers and broaden the scope of the service providers. Broaden the scope of PSD 1 to include every type of payment acquirers and all types of payment instruments.
Some exceptions such as; meal vouchers, fuel cards, store credit cards and membership cards. Make providing terms and conditions of the service mandatory for the service provider both before and after the execution of the service. PISP: A Payment Initiation Service Provider will become a link between the bank accounts of the customer and the retailer, enabling any licensed company to initiate here transaction.
The introduction of AISPs bears great opportunities for businesses and organizations since they will have access to consumer data, discovering the patterns of spending and etc. The ease of integration with banks will lower the entry barriers for many companies that aim to initiate payments and gather customer data no matter how big and experienced they are given that they are eligible to become a PISP or an AISP.
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This situation is destined to attract a lot of new players to the field. Meaning that, banks are facing the danger of losing one of their most valuable intangible assets, the advantage of having the customer data.
For example, it may be an option for people to pay their bills and subscriptions via Facebook and Google and transfer money to their friends and family through WhatsApp, and gain precious information about your customers. How can Banks be Prepared?
Psd2 value dating; psd2: it pays to be prepared
Although PSD2 seems to be disadvantageous for banks, they have a window opportunity before non-bank companies can threaten banks. Before PSD2 is fully effective, banks can become more than just being banks, and evolve themselves in order to be stronger by becoming a platform or by building an ecosystem, against the non-bank competitors before they step into the competition.
Customer Engagement Communicating with your existing and potential customers is an essential marketing action. Banks can increase the amount of communication with their customers by growing into a platform.
Customers are going to be exposed to you more frequently since you have become more than a bank, a psd2 value dating where your customers can satisfy needs other than banking. This obligation is a threat to banks since they are going to have to infrastructure to their new competitors for the operations that only banks could profit from.
It is up to banks to turn this threat into an opportunity. Establish TTP Banks have a valuable asset; trust of their customers. Platform business model will allow banks to use this asset of theirs even more. With a lot of new players entering the competition, a trust will become even scarcer and more valuable since the new entrants will need time to build the trust that banks have built over the years.
With the know-how and the experience, banks can provide a trustworthy environment for customers and companies, adding value for both parties.
Oct 15, For transactions where payments are dealt in EEA currencies (or non-EEA currencies with some restrictions), the payment value date will be. Member States shall ensure that the credit value date for the payee's payment account is no later than the business day on which the amount of the payment.
PSD2 and Open Banking - 4 strategies for banks and fintech start-ups to use PSD2 as a chance