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BEAST #7

6 #Business | Opinion

6 #Business | Opinion NEW PAYMENT SERVICES DIRECTIVE (PSD2): (R)EVOLUTION OF THE PAYMENT OFFER FOR THE BENEFIT OF CUSTOMERS PSD2 sets forth new rules which are tailored more to the current context of payment services as well as to technological developments. The first Directive on payment services, dated 2009 and referred to as PSD1, aimed at increasing transparency to payment services users as well as increasing the level of consumer protection. New elements brought about by PSD2 include, among others, an extension of the rules currently in force to payment transactions involving all foreign currencies as well as to transactions where a sole operator is domiciled in the European Economic Area (EEA). Protection and client authentication rules will also be stricter. In line with these new elements, PSD2 extends the scope of activities to two categories of non-bank payment services providers: (1) suppliers providing payment initiation services and (2) suppliers providing some account information services. Technically, the financial industry will have to make the necessary arrangements through the API interfaces which can be considered as a further step towards the open banking and the digitalization of financial services. PSD2 will be transposed into national law before 13 January 2018 and will consequently boost competition in the banking sector, while also offering a new customer experience. By Patrice FRITSCH Directeur Associé, EY REGTECH, A METHOD FOR SOLVING REGULATORY PROBLEMS OR A SUBINDUSTRY WITHIN THE VAST FINTECH ECOSYSTEM? As RegTech pioneers, we, at eProseed, clearly consider RegTech as an evolution of FinTech. In that sense, «RegTech is the new FinTech». Technology has been used to address regulatory requirements for some time now, but what is new and exciting about RegTech is this combination of key capabilities - agility, speed, integration, and analytics - that form the essence of this new approach. The word itself has two meanings. There is RegTech for the industry, as innovators create new-generation compliance tools. There is also RegTech for regulators - applying new technology to the regulatory process itself, simultaneously lowering costs and strengthening public policy outcomes. With increasing demands from many international regulatory bodies, financial supervisory authorities are required to monitor the compliance of their supervised entities against numerous new national and international requirements. All around the world, recent macroeconomic developments have also triggered an unprecedented demand for collection of high precision data at high frequency from all financial institutions to support a better risk based supervision. These are the reasons why we have developed eProseed FSIP, an end-to-end financial supervision and insights platform designed to help solve the challenges faced by the regulatory authorities as well as by the GRC - governance, risk and compliance - community. HOW WILL REGTECH IMPACT THE LUXEMBOURG FINANCIAL MARKET? If the Luxembourg financial market is still growing and in a near future, will maybe welcome several companies after the Brexit, the rules of management of all activities will without any doubt evolve. With the Art. 41 who will change the rules, Luxembourg will have a huge opportunity to position itself as the place to manage, control and secure sensitive data exchange in Europe (and more). Why restrict when we can allow and secure the way of use. More and more are now confronted to multiple data sources, quality and fully integrated in global information system, and therefore, the main challenge will be to keep the control without reducing the time market or the business innovation. The rules may change and Luxembourg will prove its velocity to maintain you in the driving seat. By Brice MEYER Partner, onepoint ARE THE CARDS IN BANKING AND FINANCE ABOUT TO BE RESHUFFLED? In the upcoming years, several factors will have a massive influence on banks’ businesses and more specifically in payments. Firstly, the recent decrease in the interchange perceived by the banks issuing payment cards, decided by the European Commission, questions the profitability of most means of payment on the market. Secondly, the revised Payment Service Directive (PSD2) will very soon force retail banks to allow access to accounts to third parties. In addition, the required Application programming interface (API) approach, facilitating system access and interconnection through standardized connectors, has the potential to dramatically change the patterns in place, probably as much as what the telecom industry faced with the unbundling offers and the “last mile” take-up. At the same time, the digitization of payment instruments accelerates the rise of new players who are more flexible, agile and experienced in this field than traditional retail banks. They tend to be strategically placed between customers and their banks, aiming at disintermediating them. Despite these various threats, the digital era also has the advantage of creating new opportunities for banking players, notably by creating new channels, increasing touch points with their customers. The digitization of payments makes it possible to design products and user experiences unconceivable until now and reduces product cycles from a few years to only a few weeks. This represents a tremendous opportunity, but also a pivotal moment with a high risk of redistributing the roles, positions and market shares of traditional players. IN LUXEMBOURG SINCE 1996, PROVIDING LIFE INSURANCE AND WEALTH MANAGEMENT SOLUTIONS TO INTERNATIONAL CLIENTS SOGELIFE SA – Compagnie d’assurance vie agrée au Grand-Duché de Luxembourg – Siège social : 11 avenue Emile Reuter L-2420 Luxembourg – RCS B 55612 - TVA LU 17221904. By Geoffroy DE LAMALLE CEO, eProseed By Jonathan PRINCE Co-founder, Digicash Payments SA WWW.SOGELIFE.COM

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