With the January 2018 deadline for the EU Payments Services Directive (PSD2) initial phase fast approaching, banks’ preparedness for the incoming market updates has become an area of vital importance. In this video with Finextra, Christian Schaefer, Head of Payments, Corporates Cash Management, explores both the imminent requirements that banks must consider as well as the opportunities that PSD2’s second phase (coming into effect in 2019) will create for a more open and digital payments market
While there is market uncertainty around the technical aspects of PSD2’s implementation, Schaefer is confident that Deutsche Bank – and the industry, more generally – will be ready for the initial January 30, 2018 deadline. In terms of its implications, he believes that PSD2 is a game changer for how the European payments market operates. From 2019, the inclusion of Third Party Providers (TPPs) in the payments ecosystem will mean ample opportunities for banks to create innovative client products and services – which will, in turn, lead to new sources of revenue generation.
In order to make these opportunities a reality, Schaefer calls upon the market to work together more closely. This, he says, will be crucial for creating the industry standards that will usher in this new era of innovation. In this respect, Schaefer believes that for banks to make the most of PSD2, the work begins now – but will continue well beyond the PSD2’s deadline.
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