The second “European Directive on Payment Services in the Internal Market”, commonly referred to as PSD2, offers ample opportunities for Third Party Providers (TPPs) to innovate the traditional banking sphere – by bringing them under greater regulatory scrutiny.
Interviewed by Euromoney, Christian Schaefer, Deutsche Bank’s Head of Payments, Cash Management Corporates, outlines TPP’s requirements ahead of PSD2’s effective date. Schaefer says: “As of January 13, 2018, TPPs will be required to obtain the respective approvals by the competent national authorities as payment initiation service provider, information service provider or provincial identity information services provider.”
He adds: “Following the required approvals, TPPs will then be eligible to obtain digital certificates, which they have to use to authenticate themselves when interacting with ASPSPs.”
Effective from January next year, PSD2 will permit TPPs to deliver specific kinds of payment-related services – thereby creating a more secure and transparent environment for the creation of disruptive payments technology.
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