EBA: Overview of PSD2 national transposition projects and new reports

The EBA recently published a table which includes key questions around the Payment Services Directive 2 (PSD2) transposition activities and dates of the different EEA countries.

In addition, the EBA has announced the release of two new publications in its ongoing series of working group papers, dealing with PSD2 and distributed ledger technology (DLT) driven opportunities for new and enhanced customer propositions.

In its first paper, the EBA looks at data exploration in corporate banking.

Factors such as PSD2, the General Data Protection Regulation and technological developments; have increased availability and accessibility of data in corporate banking. However, the EBA recommends that in order to increase the availability and accessibility of data, banks should develop capabilities in the following three areas: identifying relevant data sources, unlocking internal and external data sources (the latter of which will become more accessible under PSD2) and converting data into actionable information.

The EBA’s second paper deals with security and identity challenges in cryptotechnologies.

Customers and regulators’ increased demands for more open and faster exchange of data has brought into focus, among other things, concerns around ensuring the continued security and integrity of financial data.  The EBA is of the opinion that cryptotechnologies have the potential to improve speed, accessibility and operability of already existing solutions and to facilitate new services. The opinion paper examines two cases – third-party authorisation as well as Know Your Customer (KYC) and due diligence processes – to explore how cryptotechnologies could enhance existing IT and business processes while providing the flexibility for future needs.