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PSD2 Regulatory Technical Standards – A Practical Guide

PSD2 Regulatory Technical Standards – A Practical Guide & Workshop

A ½ Day Course

The PSD2 Requirements for SCA from September 2019 onwards

 

What Makes This Course Different?

Course Objectives

Course Content

What are “PSD2 RTS”?

What

o   give customers the freedom to utilise qualified third parties — known as Account Information Service Providers (AISPs) or Payment Initiation Service Providers (PISPs) — to manage their finances

o   AISPs and PISPs would allow customers to do everything from viewing their account information across multiple banks to making payments — all within one platform. Does your Account Servicing Payment Service Providers (ASPSPs) provide a testing facility and make technical specifications available.

o   Many retailers, hospitality providers and other types of merchants have very little, or no, understanding of this new requirement.

o   Specific action needs to be taken rapidly if you do not already have a SCA programme underway. The deadline will not be changed, and big consequences will be seen if no action is taken.

When

o   In order to authenticate a payer securely at least two factors have to be checked and these must come from two of the three defined categories

o   Knowledge, Possession and Inherence. Each category has a range of valid elements.

o   These have the ’Possession’ factor and the PIN as a ’Knowledge’ factor and so there will be less (but not zero) impact. These will be subject to Transaction Risk Analysis.

o   Each card issuer will make their own decision on which factors to use and for their cardholders to perform, so merchants and cardholders should expect different user experiences. What unattended transactions are exempted?

How

o   Various exemptions will be allowed, and merchants are encouraged to discuss these with their acquirer. We discuss the practical aspects of these elements.

o   What exemptions apply and when to use them. Not all transactions will require additional authentication. PSD2 provides a number of exemptions to SCA, which could result in minimising friction, abandoned carts and attrition in the customer payment journey.

o   A Transaction Risk Analysis (TRA) exemption is perhaps the most significant and broadly used exemption; when is it best to apply this exemption and how will the analysis be defined?

o   Discussions and desktop exercises to identify testing and suitability of exemptions and SCA application.

Think as a Compliance Professional

Course Conclusion

Background of the Trainer

Course Director
Lee has worked with a range of organisations from small start-ups through to FTSE100 companies, many that have had difficulties identifying and managing changes to legislation, and helped them develop effective, robust systems. He has adapted his experience to develop this course and supporting materials with the practical skills-based focus. Lee’s skills, qualifications and experience make him ideal for supporting anyone wishing to develop top-class knowledge in the management of PSD2 RTS’s.
Having been a freelance consultant and trainer for twenty years, your course director was appointed as a skilled person in 2012 and has conducted many audits, assessments, roll-outs and change management programmes from complaints programs, conduct risk frameworks, global risk frameworks, as well as having provided regulatory interpretation to insurance intermediaries through to investment banks, worked on many risk mitigation programs and set up retail banks.

Course Summary

PSD2 regulations is a staged approach for regulators to deal with the burgeoning array of reg tech apps being developed for a wide variety of reasons. Change on this scale has always appeared as a problem for Senior Management in the past. Following the banking crisis from 2008, and numerous data privacy breaches, as well as major frauds, transparency and clear audit trails have become even more important especially where customer data and third part access is key. PSD2 RTS Management is straightforward but the key element here is time. Work should have started a year or more ago, but if it is conducted in the right way today, you can still be in line to comply by the deadline.
It is the very culture of a firm that makes PSD2 RTS manageable or not. The accurate identification and reliable assessment of the potential impact, along with defined and practical procedures to take account of the new requirements, can make PSD2 RTS management effective, fair and compliant for those who create profits for all our businesses; the customers.

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