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Discussion around current trends in regulations for banks globally
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Payment Services Directive 2 – better known as PSD2 – has been a hot topic since it came into effect in January 2018, with the EU and many banks vigorously pursuing its development. Businesses have until September 2019 to ensure they are compliant. To that end, it’s time that we take a deep dive into PSD2. What is it, what has changed, and where ...
28 June 2019 /regulation
Brendan Jones CCO - Co-Founder at Konsentus Ltd
Introduction At the European Banking Authority (EBA) Working Group on APIs under PSD2, a number of market participants raised concerns that there could be a potential mismatch, particularly in the case of a revoked authorisation, between the information contained in the eIDAS PSD2 certificate and the information contained on the EBA and national r...
18 June 2019 /regulation
Dmitrii Barbasura Chief Operating Officer at Fintech Galaxy
According to PSD2, the financial institutions that act as ASPSPs should have in place at least one interface for regulated TPPs (including other ASPSPs that act as TPPs) for identification and secure communication. Identifying themselves is mandatory for all TPPs that wish to get access to ASPSP’s sandbox, live API, and/or non-dedicated interface ...
30 May 2019 /regulation
Brian Costello VP, Data Strategy at Envestnet | Yodlee
One of the key features of the Revised Payment Services Directive (PSD2) and UK Open Banking is the requirement that all (almost) parties engaged in delivering the account information services (AIS) to the end user customer are authorised. This authorisation includes the conduct of the managers, the scope and maturity of the offering(s), governanc...
23 May 2019 /payments
Usually when a new regulation comes in, its goal is to make things more secure, more private, or more inclusive, but often, at the expense of the service provider or convenient ways of working. For once, we may see a regulation that comes in and everyone wins. The second payment services directive, PSD2, has a new requirement deadline coming in Se...
20 May 2019 /regulation
Since the first anniversary of Open Banking earlier this year, I – along with much of the fintech industry – have been questioning the progress of the new regulations, what more we can do to improve consumer experience and outcomes, while further evolving the ecosystem. It is apparent to me that, while Open Banking is working, problems with PSD2 a...
30 April 2019 /payments
Willem Lambrechts Managing Director at Drebbel
A new era seems to have arrived, also in Belgium. Degroof Petercam, one of the "old ladies" in Belgian private and investment banking, has been awarded the lowest possible audit-score by the NBB, the Belgian Central Bank. Investigations have been started around different potential irregularities. A multimillion is far from unlikely to be...
25 April 2019 /regulation
Saleha Anwar Independent Business Consultant at Finance
Evidently, there are more and more innovative FinTech startups as well as banks and insurance companies changing the industry landscape by providing new and easy to use applications and solutions. However, there is one problem that is preventing this revolution moving to the next level and that is they all use their own specific interfaces for the...
07 April 2019
Konrad Litwin Global General Manager - Testing at Perforce Software
In the compliance and regulation-driven financial services market, we all know that audits are a fact of life. What is perhaps less well-known is that software development is also subject to these audits. It makes sense because after all, software is at the heart of most financial products these days and it can be an area of risk if not managed ...
29 March 2019 /regulation
In my last article I highlighted the importance for any business handling payment security data to keep it adequately protected by adhering to PCI DSS standards. The consequences for those that do not comply with the regulations could be dire; including loss of consumer and supplier trust, but also a fine from regulators if a data breach occurs. O...
06 March 2019 /payments /regulation
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