Payment and transactional service providers equensWorldline has disclosed that 25 banks have reached the first milestone for PSD2 compliance on time using the firms compliance solution.
A subsidiary of Worldline, equensWorldline said the banks spread across seven countries and include: Credit Europe, Commerzbank, Crelan, Bank J. Van Breda & C°, vdk Bank, Europabank, Crédit Municipal, CPH Banque and Comdirect Bank AG.
Banks in Europe have until 14 September 2019 to certify its payment systems are set for usage by regulated third party providers (TPPs).
However a recent survey carried out by Tink, revealed 41% of banks failed to run tests on its systems by the end of March.
With the deadline coming nearer, banks have to keep in mind the timetable set by the European Banking Authority (EBA) and National Competent Authorities (NCA), something that Michael Steinbach, CEO of equensWorldline, believes is vital.
He said: “It’s the first, yet a very important step, because once this foundation has been laid, banks and fintechs can start building innovative products with which they can attract customers.”
“Think about an application that can help retail customers with an up-to-date overview of their financial situation and provide an immediate and tailor-made loan. Or a service that helps corporate customers with the acceptance of account-based payments online and in store.”
Steinbach explained the importance for banks to follow the timeline to further push innovation and also in case a bank wants to request an exemption from the fallback mechanism – exemption is granted when the dedicated interface meets specific criteria.
He continued: “Also in the area of cash management PSD2 can bring a vast improvement to corporates in managing their corporate funds efficiently and effectively.
“equensWorldline is geared to help banks not only with PSD2-compliance, but also by taking the next steps in the development of new services and functionalities.”