Strategic decisions in this field, such as the implementation of so - called “ Open banking ” and the extension of instant payments to the entire SEPA area, allow for the arrival of significant innovations in the field of payment solutions for companies .
Indeed, the development of new financial activities and the streamlining of transactions give rise to a new generation of payment solutions for corporate treasurers , and add a range of innovative services in the exchange of capital between companies and banks.
Share!Start of marked textContent about how open banking and instant payments will experience their own “ big bang ”. End of marked text
Treasurers and CFOs need to fully understand the philosophy and practical implications of these evolving rules to make the most of the changes ahead.
There are four fundamental elements to consider:
The emergence of new payment services thanks to Open Banking standards
The arrival of real-time operations through immediate payments
The emergence of ghana email list new players and the appearance of different economic models
Early involvement of suppliers to transform promises into concrete solutions
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Open Banking : an open door for new payment solutions
The PSD2 directive (1) replaces the first directive on this subject, which was adopted in 2007. Its objective is to “ modernise ” payment services in Europe to benefit both customers and businesses, “ with the aim of keeping up with a market that is evolving very quickly ” (European Commission).
The four main facets of PSD2 are:
The prohibition of financial institutions from charging credit or debit card users in physical stores or online.
Strengthening the rights of customers in the event of fraudulent use of their bank card: reducing the excess payable by customers and the repayment periods, as well as unconditional reimbursement in the case of withheld amounts in euros.
The obligation of two-factor authentication for web payments of more than 30 euros.
The opening of the payment services market to new players, which we know as open banking, and which forces banks to open their information systems.
In short, PSD 2 forces banks to open their information systems to authorized third parties.
In this way, banks are required to make available to these new actors an interface (or API -2- ) that allows an automatic exchange of data between the entity's information system and the application proposed by the external agent, the fintech (3) or the other bank.
This is a radical decision that allows companies to benefit from new services, particularly in terms of payment initiation (4) and bank account aggregation (5).