Technology Innovation Exchange 2017

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4 Significant period of change in the next 9 months Between PSD2, OBWG and CMA alone, there is significant, directionally aligned, activity aimed at transforming the landscape. The timing and degree of prescription varies. Contribute to a more integrated and efficient European payments market Competition and Markets Authority Improve the level playing field for payment service providers (including new entrants) Make payments safer and more secure Open Banking Working Group Protect consumers Encourage lower prices for payments Find best deals Payment Service Directive 2 Facilitate Switching Alerts for overdrafts 4

5 Key points PSD2 and open banking will need to be implemented regardless of Brexit. Implementing must be done by early Do you know which LoB and products you offer are in scope? Do you know what you have to do to demonstrate compliance? 5

6 Today PSD2 Josh Josh Aggregator (AISP) Bank A Bank B Credit Card Provider Bank A Bank B Credit Card Provider 6

7 PSD2 Key points Josh can access all of his payment accounts via the aggregator Josh Aggregator (AISP) The aggregator will most likely access and cache data even when Josh is not using the app Account providers cannot charge for access. Bank A Bank B Credit Card Provider 7

8 PSD2 What are financial institutions exploring? With this disintermediation, who owns the relationship with the customer? Josh Aggregator (AISP) How does this affect functional capabilities of front-office systems? And, future investments in further developments? Why should we make it easy for the aggregator? Bank A Bank B Credit Card Provider 8

9 Key points 6.Shipment Josh needs to enter/ save his card details with the merchant Josh 1. Purchase 2 Merchant Acquirer 5 The merchant needs to demonstrate PCI-DSS compliance 3. All parties involved in the payment processing chain charge a fee Buyer s Bank 4. Card Schemes/ Networks Merchant s Bank 9

10 Key points Josh 1. Purchase 3. Payment instruction 2. Payment request 2. Payment request Merchant Improved buying experience for Josh; reduced buying friction Improved security, exploiting multifactor authentication Payment initiator 4. Payment instruction Merchant s payment processor Overall cost of processing the payment is reduced Buyer s Bank 5. Confirmation Merchant s Bank Faster payments even if account providers do not have access to faster payments infrastructure 10

11 What are PSPs thinking? 1. Purchase What proportion of payments will flow through the new PSD2 route? Josh 3. Payment instruction 2. Payment request Merchant How do we continue to generate payment services revenue? 2. Payment request Payment initiator Merchant s payment processor Why would Josh use a payment initiator vs. existing services? 4. Payment instruction Who does Josh trust for payments? Buyer s Bank 5. Confirmation Merchant s Bank What are the value-added payment services? 11 What partnerships do we need to form?

12 Josh Account) owner Josh Account$ owner Aggregator/ TPP Payment initiator Customer)Channel Customer$Channel API$ Channel XS2A Admin Account'info Accounts Accounting' info Payment'info Payments Account'info Accounts Accounting' info Payment info Payments Fraud Detection Fraud Detection 12

13 What is Open Banking? What is the expectation? Next steps Reliable Personalised Financial Advice Find Best Deals APIs to share Data Publish core metrics for service quality Q3, 2018 Alerts for customers overdraft, loans, branches Expose APIs Facilitate switching Development of comparison services for small businesses. Q1, 2017 Monthly maximum charge 1H H 2017 and

14 What are the unknowns? API and Data Specifications Security Risk and Liability REST/ JSON, SOAP, EBICS(XML) 3 rd parties and customer strong authentication Capital requirements, environment accreditation 14

15 How does it affect your business? Culture Ecosystem Open Banking Security Infrastructure Business Technology 15

16 Risk Management Ecosystem and Partnerships Fraud Management PISP Offering Business Customer Grievance Client Experience (as a third party and end-customer) AISP Offering Accounting Regulatory Reporting Support Centre for Third Parties Legal Digital Capabilities Faster Payments Cloud based platforms APIs Security Identity, Federation, Key and Token Mgmt 3rd party onboarding SLA Management Technology Data Governance Test Automation Data Quality SOA, Micro-Services Data Dictionary devops, Agile delivery Sandboxing 16

17 Options to leverage PSD2 in a path towards open banking and open ecosystem Bank Value Offensive Strategy Financial services embedded in consumer life & corporate processes Open Ecosystem Bank financial services as direct drivers for society growth Easier, simpler, personalized banking services Fee based Real time capabilities Open Payments Facilitate payments in EU in a secured manner Open Banking Driving growth thanks to a network of partners Defensive Strategy 17 Strict minimum openness for PSD2 compliance Expose or consume bank services White labelling PaaS services Time

18 Monetising Open Banking and Ecosystem Services 18

19 Key principles of the new operating model... Business Scalability Provides limitless, cost-effective computing capacity to support growth 2 Cost Flexibility Shifts fixed to variable cost Pay as and when needed Eco-system Connectivity New value nets Potential new businesses Enables rapid simulation and development 1 6 Real-Time Trusted Experience Data Driven 3 4 Market Adaptability Faster time to market Quickly adapt to regulatory-driven changes Seasonal & special projects Rapid product, pricing and services innovation Simple Self Service Mobility of employees Self service of clients 5 19 Context-driven Variability User-defined experiences Increases relevance Source: IBV Analysis

20 PSD2 and Open Banking Transparency and Trust Digital and Cognitive Bank Digital Financial Advise Partnerships and Monetisation Compelling for {non} Customers Banking as a Platform 20

21 Useful links PSD2 Directive UK s Open Banking Standard CMA s Implementation Entity Steering Group 21

22 Thank You 22 A New Era of Thinking

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