Case 2a: PSD2 - the directive that will change banking as we know it Task: What does the Directive mean to banking How can

Topics and Issues Contents of PSD2 Payment service providers Prudential supervision Activities Access to payment systems Access to accounts maintained with a credit institution Single payment transactions Information Rights and obligations in relation to the provision and use of payment services The changes PSD2 causes to banking Banks have to open the interface of customer’s accounts Monopoly to payment services and customer information disappears Banks, however, are obligated to provide third-party providers access to their customers’ accounts through open APIs Adapting banking to disruptions of branch and business New competitive structures non-bank FinTech companies will play a significant role in the future financial landscape Open Banking transformation paves way for the adoption of open APIs, which in turn presents strategic opportunities where external service providers build on top of banks’ data and architecture Legal Aspects of Finance 2a

Regulation and further reading http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32015L2366&qid=1486571994506&from=FI https://www.evry.com/fi/ajankohtaista/artikkelit/open-banking-transformation/ https://www.evry.com/fi/ajankohtaista/artikkelit/psd2-the-directive-that-will-change-banking-as-we-know-it/ “Blockchain – powering the internet of value” on subpage Additional reading Legal Aspects of Finance 2a

Case 2: Slides Slide sets: 4a