Three Key Challenges For Banks After PSD2

This requirement stems from the EU Directive PSD2 which formally entered into force. Over the next three months, banks will consult with fintechs to confirm the correct functioning of the developed interfaces and identify possible areas for improvement. Challenges for banks after PSD2 Safety first The PSD2 Directive requires banks to implement strong customer authentication. Banks must convince their customers to use two-step authentication. Strong customer authentication will require more time to log in or complete a transaction. Banks therefore need to ensure their customers understand that these new requirements help protect their money and data from theft or leakage. Many of them still have to continue to modernize their IT systems before the regulation comes into force. It is responsible for providing data between banking systems and external systems and has its own business logic that enables customer service across multiple channels simultaneously and provides relevant data in real time, in the right place and at the right time.