Transcript PSD2 Roundtable presentation

PSD2 is coming, are you ready?
Industry Roundtable Event, Pinners Hall, London
27 November 2014
Public
Agenda
3.00pm
3.10pm
3.20pm
4.45pm
5.00pm
6.00pm
Welcome and opening remarks
Update on PSD2
Round table discussion
Summarise and next steps
Drinks and networking
CLOSE
www.vocalink.com
VocaLink
Hogan Lovells
ALL
VocaLink
ALL
2
Public
Introduction
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Gather industry feedback on the UK response to PSD2
•
Is a pro-active collaborative approach welcomed?
•
Feedback and participation is encouraged
•
Chatham House Rule to allow open discussion
www.vocalink.com
3
PSD2 – New third party services
Roger Tym
27 November 2014
Public
The context
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•
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Payment Services Directive has had its 5th birthday
Number of areas to be refined (or needed to be) in PSD2, such as:
– Scope
– Cross-border services/establishment
– Treatment of merchant acquiring
– Security
– Liability
Development to recognise new/developing payment services, such as PIS [and
AIS]
MIF Regulation
No sleepwalking!
www.hoganlovells.com
5
Public
Third party services
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Payment Initiation Services
Account Information Services
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"low-cost solution for both merchants and consumers"
"provide consumers with a possibility to shop online even if they do not possess
payment cards"
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Must grant access (unless unauthorised or fraudulent initiation)
No mandatory contract/rely on general legislative and supervisory framework
No discriminatory treatment of PIS-initiated vs payer-direct payment orders
•
Collaborative response generally supports aims of the Directive in providing
standardised and secure transmission of payment orders
www.hoganlovells.com
6
Public
PSD2 Timeline
3 April 2014
Parliamentary
Plenary session
23 July 2014
Further
Compromise
Text
24 July 2013
27 June 2014
Commission draft Compromise
PSD2 proposal
Text
14 Oct 2014
Further
Compromise
Text
12 Sept 2014
Further
Compromise
Text
31 Dec 2014
Italian
Presidency
ends
31 Oct 2014
Further
Compromise
Text
1 Jan 2015
Latvian
Presidency
begins
[2014/2015] [Spring 2015]
Final
Adoption
Compromise
Text
[2017]
Member States must adopt
and publish laws within 2 years
and must apply provisions
within 30 months (based on
latest Compromise Text)
[Spring/Summer
2015]
Publication in
Official Journal
Trilogue discussions and
ordinary legislative procedure
www.hoganlovells.com
7
Public
Discussion points
What has your organisation done, or planning to do, in preparation for PSD2?
www.vocalink.com
8
Public
Discussion points
What would an industry collaborative approach look like?
www.vocalink.com
9
Public
Discussion points
Where is the divide between the collaborative and competitive space?
www.vocalink.com
10
Public
Discussion points
Would your organisation participate in a working group to define and scope a
potential collaborative approach?
www.vocalink.com
11
Public
Summary and next steps
• VocaLink is seeking early engagement with the industry
• Chance to input and shape a collaborative response to regulation
• Further industry day planned for Q1 2015
www.vocalink.com
12
Public
Thank you for participating
Drinks and Networking
www.vocalink.com
13