PSD2 – related advisory services – a 2019 summary

07.01.2020

The end of the year invites summaries. In the field of financial services regulation, 2019 was primarily the year of implementation of the new Payment Services Directive (PSD2) and of the accompanying technical standards (RTS). We extend our thanks to the Clients who have trusted us in this pioneering adventure:

  • 8 banks to whom we have advised on PSD2 implementation – including 3 from the first five;
  • 6 API legal audits connected with the exemption from the obligation to create a fall-back interface;
  • 5 proceedings to exempt corporate processes from the requirement to use SCA;
  • 2 legal audits of the SCA implementation;
  • 1 of 2 advisors on the Polish API (greetings to the @Bird & Bird colleagues) – we have focused on the fallback interface;
  • the sole PSD2 advisor to the Banking Law Council at the Polish Banks Association.

The work was performed by 6 lawyers of the SK&S financial services regulation team (Wojciech Iwański, Mateusz Blocher, Katarzyna Janczewska, Lidia Malinowska and Filip Bachowski, headed by Marcin Olechowski), and by 3 lawyers representing the personal data protection team (Katarzyna Paziewska-Młodawska and Rafał Sokół, managed by attorney Agata Szeliga).

And we have only just embarked on the path of  “open banking”.