„PSD2 is a reliable, efficient and innovative payment directive, dedicated to the customers. It makes it possible for regulators, banks, fintech companies and telecoms to cooperate in the process of developing new products. If we want a better market environment, we need to work together,” said Filip Genov, Special Projects Senior Manager at UniCredit Bulbank, at the international forum IT Hub Connect 2018, organised by the Indian-Bulgarian Business chamber and the American Chamber of Commerce in Bulgaria.
The event brought together government officials, business experts and start-up companies from Southeastern Europe, India and the USA, focusing on three major pillars – innovations, regulations and investments.
PSD2 will influence banking activities in various ways. The first changes are related to transparency and the rules that are already in force. According to what was presented during the forum, the directive aims at establishing equality among the payment services providers and makes it possible for new companies to enter the sphere. In addition, the new requirements of the regulators will have added value for the customers, such as more innovative banking closely connected with new technologies and innovations.
The new rules affect the so called Open Banking. This means that customers will be able to share personal financial information with new participants on the market, e.g. directly with an online trader.
The rules require consolidation of information from many accounts held by consumers in one convenient place.
In brief, PSD2 is a reliable, efficient, competitive and innovative payment directive, dedicated to customers, companies and traders. Furthermore, it supports the growth of payment services and electronic trade. The directive regulates prices and improves the security of payments in the EU.
„PSD2 means more equality for payment services providers, making it possible for new companies to enter the sphere,” added Filip Genov.
UniCredit has launched a special global project in order to manage the requirements for compliance with the regulatory procedures. The project started in the beginning of the year and will help the bank group take advantage of the new business opportunities in the future. UniCredit has a clear action plan for implementation of the innovations planned for 2019.
Additional media information:
Victoria Blajeva, tel +359 (0) 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch
Beatris Nikolova, tel +359 (0) 2 9232 528, cfbusjt/ojlpmpwbAvojdsfejuhspvq/ch
Ekaterina Ancheva, tel +359 (0) 2 9264 963, flbufsjob/bodifwbAvojdsfejuhspvq/ch