This event brings together distinguished personnel from banks, government bodies and technology companies to discuss and address crucial issues on how to seize new opportunities in retail banking and wealth management while making it beneficial for all stakeholders.
Things you need to know about the Payment Services Directive 2
The PSD2 race is on! And no, it is not a new PlayStation console but definitely a game changer. Time is running out to get fully ready for the PSD2. Around 5,000 EU financial institutions have time until January 18, 2018. It may sound like a good length of time, but there is huge amount of work to be done. Let's start from the introduction to this regulation.
It all started with the PSD, adopted in 2007. The main objectives were:
- Stronger customer authentication
- Rules and guidelines for payment services
- Simplification of payment processes across the EU
- Efficiency, innovation and cost reduction
- Legal platform for the Single Euro Payments Area – SEPA
- Better consumer protection
What new things does the PSD2 regulation bring to the table?
- Scope beyond Europe
- Prohibition of card surcharges
- Security of online payments
- Regulation of PSPs
- New types of third-party providers
Bill Gates said in 90s: “Banking is necessary, banks are not.” Will we see an era with solely digital services? Will the new regulation change banking as we know it? And more importantly, why are some banks afraid of the PSD2?
1. They do not trust third parties
2. Increased competition on the market
3. They are afraid to be cut out of the payment processes
How can banks stay vital in this time of changing banking climate?
- Follow EBA guidelines and technical standards (RTS)
- Prepare for the cooperation with trusted third parties and payment service providers
- Focus on online – open API banking is around the corner
- Every byte counts – protect your client data
- Learn from fintechs and startups
Interested in this topic?
15th Annual Retail Banking Forum
As the region's favorite conference, the Retail Banking Forum is the industry's meeting place, where seasoned banking professionals combine C-level insights on successful retail banking strategies and hands-on case studies, transforming the current financial ecosystem.
Collateral Management Forum
The most established Collateral Management Forum in Europe is approaching its 11th Annual. 2017 is turning out to be filled with questions on initial margin and variation margin deadlines, MiFID II, Brexit, digitalization in collateral management and more, which will be answered at this forum.
Sales and Marketing in Insurance
Currently, insurers must compete not only among themselves, but also with insurtech startups and disruptors. This event focuses on the latest trends in channel management, digitization, customer-centric strategies, digital customer journeys as well as product innovation.
Insurance Innovations 2017 - Post Show Report
Insurance Innovations 2017 took place on 13 March 2017 Nassima Royal Hotel, Dubai
Why Should We Invest in AI?
When surveyed whether chatbots should tolerate abuse or bad language a surprising 34% said no. Chatbots can't get hurt ‘feelings’, so why should a financial institution care about the tone used with their chatbots?
8th Annual World Islamic Retail Banking Conference - Post Show Report
8th Annual World Islamic Retail Banking Conference, 28 - 29 November 2016 | Dusit Thani Hotel, Dubai, U.A.E