With Brexit just around the corner, the European banking sector is under significant pressure to forecast and mitigate potential economic shocks. Given the levels of uncertainty over possible outcomes whilst the details of any potential deal (or no-deal) still to be confirmed, how forewarned can banks actually be without testing hundreds of possible permutations?
You may have come across “RTS” – yet another acronym in the jargon-riddled PSD2 legislation. The European Commission has set out the legislative framework for new Directive and has tasked the European Banking Authority (EBA) to define the Regulatory Technical Standards (RTS) for the implementation for PSD2.
On the worldwide web, the more players involved especially in a financial-payment transaction, the greater the risk that someone in the cyber circle will attempt to commit fraud. Europe’s new PSD2 promises to offer consumers many advantages, including greater choice in payments providers, but banks must simultaneously install advanced fraud-detection platforms that correspond in intensity with increased customer-centric flexibility and value.