In PSD2 there are two effects that the core legislation has – Industry alignment and proactive PSP requirements.
Prior to PSD2 many of the industry processes and procedures for regulating and harmonising cross-border access has been legal and manually or processed, or generally hidden to the Industry.
As the Financial Industry and Payments Services more towards full digitisation, and introduces new legal players within the European payment network, many of the accompanying processes and interactions across the industry also need to be digitised to support the new API Payments model.
Avoiding fragmentation across member states helps support frictionless barriers between markets and interoperability for all PSPs – which helps to improve security and reduce costs across the Industry.
Since 2016 Open Banking Europe has been aligning with Regulators, Banks, TPPs and Service Providers on turning Regulation into Reality, and digitising many previously discrete processes so that PSPs can work across borders on the internet with minimum disruption.
Our two-day Executive Training Seminars are the distillation of almost a year’s worth of Analysis, Market Alignment and R&D. Split over two day, the seminars are structured to focus on first the legal texts and then suitable technology, to bring all new OBE participants to the same level of knowledge quickly.
Day One – Regulation to Process – focuses on understanding the core elements of several pieces of legislation; how they fit together, how they become operational and digitised in PSD2, and how PSPs should understand their implications and impacts, and ongoing responsibilities as regulated entities.
Day Two – Process to Technology – focuses on reviewing real technology and international standards that exist already or have been developed for PSD2, and can be adopted by PSPs for their technology programmes, as they move towards their market readiness dates in 2019.
|“I have found the PRETA OBE initiative a productive and informative engagement to date. It has crystallised the extent to which we need infrastructure at an EU level to ensure that we can open up PSD2 Access to Account in a safe, secure and efficient way. We have identified the challenges that need to be addressed in terms of having access to standardised TPP registers, as well as facilitating API access in a real-time automated manner to ensure that e-commerce and new business models are
supported in the digital world.”
|“PRETA has identified and successfully initiated work around required infrastructure for PSD2 that will benefit all European payment service providers including SEB.”|
|“Participating in the PRETA initiative not only contributes to solving a substantial element of PSD2, but also has been beneficial on clarification of many related topics of this regulation.”|
|“The Preta initiative is a great way of solving common challenges in a harmonized PSD2 ecosystem.”|
|“The PRETA OBE initiative fills in important pieces in the PDS2 puzzle, highly appreciated by EVRY.”|