Nordea webinar 29/ : PSD2 Access to Accounts a game changer

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2 Nordea webinar 29/ : PSD2 Access to Accounts a game changer Brief intro setting the scene Some practicalities: CET Webinar is being recorded - material will be uploaded to Questions are welcome use the question feature to the right on your screens Organisor: Mikael Kepp Corporate Channels ERP/TMS vendor relations Subject Matter Expert PSD2: Harald Eidsmo Open Banking Senior Business Developer 2

3 2009 The Payment Services Directive (PSD) 2013 The European Commission proposed to review the PSD 13 Jan 2018 The revised Payment Services Directive (PSD2) to be transposed into national law by Member States 3

4 Main objectives according to the European Commission Contribute to a more integrated and efficient European payments market Improve the level playing field for payment service providers (including new players) Make payments safer and more secure Protect consumers Encourage lower prices for payments 4

5 The PSD2 focuses on a number of different areas Increased customer security PSD2 The extended scope XS2A

6 The extended scope One-leg out transactions One-leg out transactions are transactions where one of the Payment Service Providers ( PSP ) is located outside the EU / European Economic Area (EEA). Non-EU currency transactions The same rules will apply to payments in all currencies, i.e. even a currency that is not Euro or any other Member State's currency. 6

7 Charge codes for international payments The rules for handling charges for international payments will change no longer allowed to instruct that all charges are to be paid by the payer when ordering payments between EEA countries, regardless of currency transferred. you will only be able to instruct that charges should be shared between payer and payee. If payments are instructed with the codes DEBT / OUR within the EEA area then they will be rejected in the local payment system 7

8 Increased customer security - more requirements to come Regulatory Technical Standards (RTS) on strong customer authentication and secure communication A legal instrument, once adopted by the Commission it is directly applicable in EU law. The RTS specifies the following: Strong customer authentication (SCA) Exemptions from these requirements Protection of the user s security credentials Common and secure open standards of communication 8

9 Access to Accounts XS2A Banks will need to open up new types of services to authorised Payment Institutions: Payment Initiation Services (PIS) Account Information Services (AIS) Services require account holder consent and apply to all consumer and business payment accounts that are accessible online.

10 PSD2 Access to Account makes 3 rd party channels equal with bank s own channels Third Party Payment service providers (TPP) Payment Institution license Payment Initiation Service Provider Account Information Service Provider Customer s consent required No contract with Banks Communication with Nordea based on APIs PSD2 requires Strong Customer Authentication 10

11 Nordea and Open Banking Initiative Open Banking Platform Collaboration Safety and Security Customer relationships We will build an Open Banking platform, which will expose our services utilising APIs We want to provide a rich selection of services, not only the mandatory ones stipulated in the PSD2 We will place strong emphasis on our desire to collaborate with Fintechs and other third parties to deliver innovative products to the market We aim to leverage our comparative strengths of A large customer base Understanding the requirements for compliance and regulation Strong investment capacity Wide product portfolios Strong brand recognition and trust of customers We put the highest attention and consideration on the safety and security of our service channels We remain focused on creating, building, and maintaining our customer relationships

12 Timeline local implementation PSD2 RTS Denmark 1 January 2018 Norway Date unknown Finland 13 January 2018 Sweden 1 May

13 Key stakeholders European level Local level National legislator Financial Supervisory Authority Central Bank 13

14 Access to Accounts market initiatives Euro Retail Payments Board 14

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16 Thanks for attending The session has been recorded and will be published on We will also make questions and answers available for all participants If you after the webinar have other questions, please send an to Next ERP/TMS vendor newsletter will be distributed before Christmas including updates related to: Corporate Access Open Banking Nordea Digital In addition you can also read more and sign up to a specific Open Banking newsletter at 16

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