Summary: This survey conducted by Finextra in March and April 2015 targeted financial institutions worldwide to take a snapshot of how banks in Europe are reacting to the Payment Services Directive 2 (PSD2), and what other banks worldwide speculate about some of the associated trends in open access and payments innovation. The new directive aims to expand and clarify some of the provisions of the first directive, while also promoting payment innovation, particularly in mobile, and harmonizing some of the national interpretations. Key elements of the directive include opening access across the industry to payment processing services, as well as to the customer accounts held by banks. This creates a range of new service opportunities for new entrants, but also for the banks themselves – and this goes way further than compliance. The PSD2 doesn’t just affect banks. And the non-bank financial organizations effected by the directive are very likely to have diverse views about how it should be implemented and what action they will take. But this survey concentrates on the banks’ perspective – their awareness, concerns, goals and plans for their future in the evolving (European) payments landscape.
- 88% of respondents agree strongly that data protection and risk to reputation are significant issues yet to be dealt with.
- 60% of respondents agree or completely agree that ambiguity involving issues around liability concerned them.
- 77% of respondents agreed or completely agreed that their main competition in the future will be from non-bank players in mobile payments and e-commerce, rather than start-ups.
- 54% of respondents agreed or completely agreed that their core banking platform could prove to be a hurdle to becoming an open-API bank.
- 31% of European bank respondents were strongly positive that they wanted to create their own app store, with PSD2’s access requirements as the launching pad.
- 50% of European bank respondents wholeheartedly agree on rethinking business and revenue models.
Swiss Passion and Precision at Work, Lothar Raif, Hendrik Blankenberg, Andreas Hahn, Ralph Halter, Laurent Dénervaud, Nedo Haubelt, Warren Gardiner, and Conny Dorrestijn, 5 pgs.
Summary: This article talks about Credit Suisse’s transformation to achieve new payment standards. The Global Payments Programme is currently one of the largest infrastructure projects at Credit Suisse. Swiss payments standards for 2016 are Credit Suisse’s motivation for its new infrastructure to be lean and flexible, while still using a component-based architecture. It will create the basis for a new highly efficient and cost effective payments processing platform and the future Credit Suisse payments factory which can be leveraged globally as well as throughout the industry.