EY were delighted to sponsor the EBA & Finextra Breakfast Seminar, examining the consequences of PSD2 for the European payment landscape and its implications for ‘Open Banking’. The event featured presentations from the following guest speakers:

• Colin Ryan, Partner, Digital Transformation, EY
• Vincent Brennan, Head of Group Operations & Payments, Bank of Ireland
• Peter Vance, Head of Customer Services, Allied Irish Banks

There is no doubt that for incumbent Payment Service Providers (PSPs) the new Payment Services Directive (PSD2) presents a number of challenges, both strategic and operational.  However, challenger banks and fintech companies are excited by the potential of PSD2 – especially the way in which it will ‘open up’ the European payments landscape to new business opportunities.

Discussion points included:

• which opportunities does PSD2 bring in the context of Open Banking?
• Which players are impacted by the PSD2 and how?
• What is the extent of change the PSD2 will bring and in what timeframe?
• What implications does Access-to-Account (XS2A) have for the banks’ business and operating models?
• Which conclusions can be drawn from the draft technical standards on strong customer authentication published by the European Banking Authority?
• Which next steps towards PSD2 readiness should impacted institutions take?

If you would like to learn more about how EY can assist you with any issues surrounding PSD2 please contact Colin Ryan or Niall Corrigan.