Payments Services Directive (PSD2)

Nurlan Zhagiparov, Managing Director, Member of the Board of Kazkommertsbank, shared his opinion on the possible adaptation of PSD2 and its impact on the banking sector in Kazakhstan.
 

The world is going to change radically for banks after January 2018 - but given the lack of readiness at many banks you wouldn’t know it. That’s the date when the revised Payments Services Directive (PSD2) goes into effect in Europe, the date when banks’ monopoly over customer account information and payment services will cease. After that, banks must have the legal, operational and technological compliance systems in place . 18 months later RTS comes into force, banks must have technological systems in place for Strong Customer Authentication (SCA) and must give third-parties access to their customers’ accounts (XS2A), providing a definite end to banks’ gatekeeper role of customer payment data. 

Are the banks of Kazakhstan ready for such kind of changes?