In January 2018, the PSD2 will be implemented and may change the relationship between customers and banks.
PSD2 will allow consumers and merchants to benefit fully from the internal market, particularly in terms of e-commerce. Since the adoption of the PSD in 2007, new services have emerged. They are called Third party providers (TPPs) and provide the customer with specific payment solutions or new services.
Banks are adamant on security and not accept any weakness on fund and data protection.
Marie-Anne Barbat-Layani points out some issues with the actual PSD2:
"The PSD2 requires all that payment services providers be authorised and regulated. The inclusion of new payment providers within the scope of PSD2 will allow competent authorities to better monitor and supervise the activities of these new players. However considering the liability between actors, the PSD2 is not acceptable. Actually, it contains an exorbitant liability regime which makes banks liable for reimbursement of the customer even if the fraud has occurred in a third party.
PSD2 also fully clarifies the liability issues between bank servicing the account of the payer and the payment initiation service. When a payment initiation service provider is used by a payer to initiate a payment, it will be liable for any payment incidents within its sphere. In particular, the bank of the payer shall not be held liable for payment incidents that can be traced back to the initiator.
Security is not a negotiable subject for banks and the new ecosystem framed by DSP2 must preserve security. Security is the foundation on which our client's trust is established: security of funds and personal data protection, especially in a world where cybersecurity becomes a major issue. Customers expect the security of their funds and their personal data. Banks are guarantors of this security.
As French banking federation we have proposed an amendment to the RTS to look for more flexibility and ensure full security at the same time.
Banks are in the heart of innovation, they have built the payments ecosystem and initiated its digital evolution. It's an opportunity to adapt the customer needs and usages. The arrival of new actors like Fintech is not a threat but an additional opportunity as long as every player follow the same rules (a level playing field). In this case, FinTech add real added value to the customer."
The French banks are ready to evolve in a new environment which is more complex, more competitive but more exciting.