Preparing for PSD II
Jerry Norton, CGI, shares his views on what awaits us with PSD II
The European Commission’s upcoming PSD II legislation will bring big changes to the payments landscape in Europe. Banking Technology talks to Jerry Norton, VP of financial services at CGI, to find out more.
In October, the European Parliament gave its approval to the level one text of the Payment Services Directive II, which aims to further the development of a single market for payments in the European Union.
One of the most far-reaching implications of PSD II is the effect that it will have on third-party firms, believes Jerry Norton, vice president of financial services at Canadian IT consulting company CGI. “PSD II has some pretty profound impacts that should not be underestimated,” he states. “The directive may well produce a world where third parties are providing all sorts of services beyond what they do today.
“There are a whole host of third parties dreaming up new ways of linking a payment to some other service, for example buying a car and linking that to insurance, or buying a home and insuring its contents, etc. It would make the customer journey a lot easier. Being able as a third party to pull different services from different banks together and present them through a common front-end provided by a third-party will potentially benefit the consumer.”
However, the role of third parties has been a major bone of contention, with much of the controversy on PSD II centred on the question of exactly what access third-parties will have to individuals’ bank account information. will need to be addressed…
This is an excerpt of the full article which is available in the February 2016 edition of Banking Technology. Click here to read the magazine online.
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