PSD2 in a nutshell

An in-depth look at the new Directive

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The primary goal of the Directive is to create a single integrated market for payment services through standardising the regulation for banks and for new PSPs, which are coming up due to the digital era. The PSD2 will break down the entry barriers helping to strengthen the system security, enabling new payment services, ensuring transparency and fair competition to the benefit of consumers.

 


The evolution of the payments market in Italy


psd2 The evolution of the payments market in Italy

 

 

 

PSD2 supports the change

The new legislative framework introduces significant innovation in the area of legal and compliance, technology and security, and it defines new roles and services in the payments market.

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psd2 positive scope


Positive scope

Regulatory scope extension both for one leg operations and for non-EU currencies transactions. Introduction of new payment services (Payment Initiation, Account Information, Funds Checking).

 

psd2 third party


Third party

Introduction of new market players called Third Party Payment Service Providers (TPP), namely the Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP).

 

psd2 responsibilities


Responsibilities

Extension of the regulation on responsibilities for TPP and reduction of the quantitative responsibility threshold at the expenses of the payers.

 

psd2 safety


Safety

Safety requirements and the harmonisation of the authentication procedures (Strong Customer Authentication) become mandatory.
 

 

psd2 Costs and surcharges


Costs and surcharges

Extension of the share pricing principle and alignment of the additional fees application, in line with the new MIF regulation.
 

 

psd2 negative scope


Negative scope

Editing of the exceptions granted to: (i) commercial agents; (ii) Networks Limited marketability; (ìii) Operators telco; (iv) independent ATM.
 

 

 

 

New services for a new customer experience

Payment initiation
Innovative payment services for merchants, alternative
to cards

Advanced app (account aggregation, money exchange)
Access to information through a single touchpoint / app integrated and aggregated monitoring of accounts and expenses

Cardless withdrawal
Withdrawal via NFC technology on different accounts and comparison of the commissions applied

Couponing
Geolocation and integration of offers, discounts, coupons, conventions

Instant e P2P payments
Instantaneous payments via mobile wallet on many p2p accounts and towards operators with advanced features

Decoupled cards
White-label cards offering decoupled from payment
accounts

 

Quick assessment

A first assessment phase allows the anticipation of the market, develop strategic opportunities and prevent any possible issue due to regulatory and business developments.

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Scope definition

- Scope definition of services, products, processes and application affected.
- Regulatory interpretation of PSD2.


Gap and impacts analysis

- High level gap analysis with regards to the requirements previously covered by PSD and on local regulations considering legal, IT, processes, and business areas.
- Qualitative detection of the impacts of each area with the details about the critical gaps, actors/organisational structures involved and of the impact level (high, medium, low).

Opportunity analysis

- Access to international surveys and comparison with market benchmarks at EU level.
- First analysis of new business opportunities/services to be developed and estimate at an economic level.      

Activities to address

- Macro definition of an action plan with prior estimate of timeline and effort.
- Addressing critical issues with workgroups and industry associations.



We also guarantee a comprehensive support and continuous dialogue with the network and the market, on-going monitoring of regulatory updates, mailing of periodic newsletter containing legal interpretations, providing our clients with a dedicated team of professionals with multidisciplinary and fully integrated skills.

 

Contact us

Marco Folcia
Associate Partner
Tel: +39 02 66720433
Email