The revised Payment Services Directive (PSD2) went live in January 2018 and is set to have a broad impact on the financial services industry across and beyond Europe. One main goal of the revised PSD2 is to encourage competition by allowing new players, the Third-Party Providers, to enter the European Single Market. The directive removes regulatory and technical barriers to grant new players equal opportunities so that they can offer their solutions on a large scale in all the European Member States.
Who are these new players? Which services are they going to provide that could change the game in the industry? Which opportunities and risks are there for corporate treasurers and CFOs? And finally what approach could be helpful in determining which Third-Party Providers to work with? This guide will address these questions and help you understand how these changes can affect you and your organization. After a brief presentation of the new players, we will take a closer look at each of them—the roles that they will very likely take in the payment industry and the potential opportunities and risks there are for corporates. In the final part, we will consider an approach in choosing a TPP that will deliver value to your corporate.
Below is an outline of the content:
- THE NEW PLAYERS INTRODUCED BY THE PDS2
- PAYMENT INITIATION SERVICE PROVIDER (PISP)
- ACCOUNT INFORMATION SERVICE PROVIDER (AISP)
- WHO CAN OFFER PISP AND/OR AISP SERVICES?
- WHAT APPROACH SHOULD CORPORATES CONSIDER WHEN CHOOSING A PISP OR AISP?
As usual, concepts that may seem complex to many are explained in a very simple way. I use the traditional Four Corner Model so that you can easily see the roles that these Third-Party Providers are going to play in the payment landscape.
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