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Netcomm Forum
Milan, May 19th, 2016
Giorgio Andreoli
Managing Director, Accenture Digital
PSD2, open API and real-time
bre...
Copyright © 2016 Accenture All rights reserved. 2Copyright © 2016 Accenture All rights reserved. 2
Copyright © 2016 Accenture All rights reserved. 3
Agenda
Overview of PSD2 Payments Service Directive and key changes:
• Ne...
Copyright © 2016 Accenture All rights reserved. 4
PSD2 scope and the expected impact on Payments ecosystem
PSD2 will allow...
Copyright © 2016 Accenture All rights reserved. 5
PSD2 implementation roadmap
PSD2 will enter in force across Europe durin...
Copyright © 2016 Accenture All rights reserved. 6
Third-Party Providers get access to banks accounts and payment initiatio...
Copyright © 2016 Accenture All rights reserved. 7
PISP services will likely be discounted w.r.t. the existing rates, drivi...
Copyright © 2016 Accenture All rights reserved. 8
Banks have to leverage on API technology in order to comply with PSD2
re...
Copyright © 2016 Accenture All rights reserved. 9
(AISP) Account
Information Service
Provider
(PISP) Payment
Initiation Se...
10
How fast is «instant»?
Copyright © 2016 Accenture All rights reserved. 11
Global availability of Instant Payments schemas
Instant Payments is bec...
Copyright © 2016 Accenture All rights reserved. 12
Key Use Cases supported
Instant Payments characteristics
Instant paymen...
Copyright © 2016 Accenture All rights reserved. 13
• EU countries which already operate an Instant Payments
infrastructure...
Copyright © 2016 Accenture All rights reserved. 14
UK Faster Payments growth, monthly volumes 2008 - 2015
Immediate Paymen...
Copyright © 2016 Accenture All rights reserved. 15
Innovative/alternative payments
are 20% of total payments in Sweden
Imm...
Copyright © 2016 Accenture All rights reserved. 16
Paym (UK): new payment
interactions triggered by
spontaneous behaviors
...
17
What does this mean for online and in-store
retailers?
Copyright © 2016 Accenture All rights reserved. 18
Phisical (in-store) merchants Online merchants
Payments evolution:
chec...
Copyright © 2016 Accenture All rights reserved. 19
Payment Use Case:
1. Make guaranteed payment for online purchase
Ben is...
Copyright © 2016 Accenture All rights reserved. 20
Payment Use Case:
2. Compare a Lending Product and Purchase
Ben is plan...
Copyright © 2016 Accenture All rights reserved. 21
Message
Receipt
Shop’s
app
Author.
request

Payment Use Case:
3. in-st...
Copyright © 2016 Accenture All rights reserved. 22
So what’s in for online & phisical retailers?
Services Fees / risks
red...
23
What’s Next?
Copyright © 2016 Accenture All rights reserved. 24
Conclusions
• PSD2 and Instant Payments are going to disrupt payments l...
25
Thanks!
Copyright © 2016 Accenture All rights reserved. 26
Simplicity and convenience are the primary drivers for growth and
adopt...
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PSD2 e Instant payments: l’evoluzione attesa dei pagamenti online, in store e P2P

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Guarda la presentazione di Giorgio Andreoli, Managing Director di Accenture Digital, all'Ecommerce Forum 2016.

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PSD2 e Instant payments: l’evoluzione attesa dei pagamenti online, in store e P2P

  1. 1. Netcomm Forum Milan, May 19th, 2016 Giorgio Andreoli Managing Director, Accenture Digital PSD2, open API and real-time breakthrough in payments: the retailers’ perspective
  2. 2. Copyright © 2016 Accenture All rights reserved. 2Copyright © 2016 Accenture All rights reserved. 2
  3. 3. Copyright © 2016 Accenture All rights reserved. 3 Agenda Overview of PSD2 Payments Service Directive and key changes: • New types of Payment Service Providers (PSPs) allowed to operate • Increased competition among Banks and with Card Schemas • More choice and strategic options for retailers and merchants Overview of EPC1 Instant Payments initiative leading to a pan-European SEPA Instant Credit Transfer (SCT Inst) service • Availability of 24x7, real-time payments from Bank account to Bank account Implications for retailers and merchants, both online and in-store 1EPC = European Payments Council Copyright © 2016 Accenture All rights reserved. 3
  4. 4. Copyright © 2016 Accenture All rights reserved. 4 PSD2 scope and the expected impact on Payments ecosystem PSD2 will allow users to initiate online payments to a beneficiary through 3rd party providers (PISP, Payment Initiation Service Providers). This provides an alternative to the use of payment cards in online transactions. 3rd Party Payment Initiation1 Account Information Service Providers (AISP) will be able to access Bank account information, including history and balances, of users which gave consensus 3rd Party Account Access2 PSD2 will introduce new security requirements for electronic payments and account access along with new security challenges relating to AISPs and PISPs Security & Authentication3 PSD2 key changes PSD2 seeks to standardize the different approaches to surcharges on card-based transactions which are currently applied across EU Prohibition of Surcharge4 Telcos will be exempted from PSD2 regulation only for consumer txns using telecoms accounts for digital content not exceeding €50 per transaction or €300 monthly Telco Exemption Narrowed5 Scope description
  5. 5. Copyright © 2016 Accenture All rights reserved. 5 PSD2 implementation roadmap PSD2 will enter in force across Europe during 2018 1RTS = Regulatory Technical Standards, e.g. for strong Authentication and Secure Communication June - Sept 2016 (est.) Consultation Period on draft RTS1 13th Jan 2018 Deadline for member states to transpose PSD2 as law across all 28 EU member states. 2016 2017 2018 Jan 12th 2016 PSD2 is published in the Official Journal of the European Union 2015 8th December 2015 EBA released discussion paper on authentication and secure communication October 2018 (estimate) Deadline for EBA RTS compliance for ASPSP, PSPs, TPPs and Authorities Jan 2017 Deadline for EBA to submit RTS on authentication April 2017 (estimate) EBA RTS adopted by Commission Banks have 18 months to comply to RTS PSD2 directive is in force while RTS are not yet enforced
  6. 6. Copyright © 2016 Accenture All rights reserved. 6 Third-Party Providers get access to banks accounts and payment initiation Under the PSD2 regulation, access to Accounts and Payment services through open APIs will result in new interaction models
  7. 7. Copyright © 2016 Accenture All rights reserved. 7 PISP services will likely be discounted w.r.t. the existing rates, driving merchant fees downwards Merchant fees should be lowered as an effect of higher choice and competition on payments
  8. 8. Copyright © 2016 Accenture All rights reserved. 8 Banks have to leverage on API technology in order to comply with PSD2 requirements PSD2 and Open APIs (Application Programming Interfaces) • At the core of PSD2 is the need for Banks (= Account Servicing Payment Service Providers or AS PSPs) to grant AISP and PISP (= Third Party Providers or TPPs) access to their online account/payment services • This includes an ‘Access to Accounts’ (XS2A) rule, which will force Banks/ PSPs to facilitate secure access through API to their customer accounts and provide account information to third party apps, if the account holder wishes to do so Why will Banks/PSPs adopt APIs? • 3rd party pays per use • 3rd party gets paid for use • Indirect Monetisation • Treasury Open Banking • PSD2 • In-house innovation • Hackathons • FinTechs • Trusted Partner • AISP, PISPs • Fintechs • Own App store • Apple, Google and Microsoft stores • Partner Portals
  9. 9. Copyright © 2016 Accenture All rights reserved. 9 (AISP) Account Information Service Provider (PISP) Payment Initiation Service Provider • Authentication & Authorisation • Account Balance • Transaction History • Authentication & Authorisation • Sufficient Funds • Account Balance • Payment Initiation PSD2 Open Data • ATM /Branch Locator • Loan Information • Mortgage Information • Current a/c information • Account Balance • Transaction History • Payment Information Open Banking Customer Transaction Data Customer Reference Data Aggregated Data • KYC • Anti Money Laundering • Credit Scores • Anonymised aggregated data  Loan approvals to business with a SIC code  Cash withdrawals in a location In countries like UK, Open Banking scope is extending beyond the PSD2 mandate According to PSD2, enabling Banks to support PISP and AISP services will request an «open APIs» infrastructure
  10. 10. 10 How fast is «instant»?
  11. 11. Copyright © 2016 Accenture All rights reserved. 11 Global availability of Instant Payments schemas Instant Payments is becomming reality across the world
  12. 12. Copyright © 2016 Accenture All rights reserved. 12 Key Use Cases supported Instant Payments characteristics Instant payments (SCT Inst) overview Instant Payments: introducing a pan-European real-time payments scheme to the SEPA area by the end of 2017 • 24x7 availability: consumers should be able to make a payment at any moment • Immediacy: funds shall be available on the beneficiary’s account in real-time or near real- time • Irrevocability: once a payment has been initiated, it cannot be revoked • Certainty: both ordering & beneficiary shall be notified that payment has been accepted or rejected • Interoperability: use of ISO20022 to standardize large data set to allow for interoperability, higher payment efficiency & carry richer data • Ease of use: use of aliases (ie. mobile numbers, email address) instead of just IBANs Source: Accenture Research Send money to a friend Pay a small merchant Split the bill
  13. 13. Copyright © 2016 Accenture All rights reserved. 13 • EU countries which already operate an Instant Payments infrastructure: UK, Sweden, Denmark, Poland, Switzerland • EU countries which set a deadline for SCT Inst implementation: Netherland Instant Payments roadmap Instant Payments is not (yet) a mandatory regulation, but some European countries already implemented it or agreed on a deadline Legenda Completed In progress 2018 - 2021 Expected Implementation Window
  14. 14. Copyright © 2016 Accenture All rights reserved. 14 UK Faster Payments growth, monthly volumes 2008 - 2015 Immediate Payments case study: UK faster payments exhibited steady strong growth after launch UK’s mobile services leveraging on FP and fueling additional growth Paym is a P2P mobile payments app allowing to send and receive payments directly to a current account just a mobile number Zapp is a service (not yet available) and a merchant acceptance network, allowing in- store and online P2B (person to business) payments from Bank account
  15. 15. Copyright © 2016 Accenture All rights reserved. 15 Innovative/alternative payments are 20% of total payments in Sweden Immediate Payments case study: Sweden launched RT payments, mobile p2p and now e-commerce Sweden is a leading country in terms of real-time and mobile p2p adoption n 2013, the Swedish banks launched Swish, a real-time system for peer-to-peer (p2p) transfers between bank accounts. Swish is experiencing almost exponential growth over the last months. In Jan 2016 Swish announced the launch of an e-commerce schema, with mobile authorization of a real-time payment from Bank account to online retailers Swish facts & numbers 3,7 Mil* Number of subscribers, corresponding to > 40% of active population 2,5 txns/month On average Most downloaded app in Sweden** 1. Bank ID 2. Swish 3. Facebook Msng 4. Instagram 5. Facebook 6. Snapchat Swish mobile p2p strong growth Swish, PayPal, Bitcoin,… Source: Swerige Riksbank * Source: Swish, Dec 2015 ** Source: Swish, Jan 2015
  16. 16. Copyright © 2016 Accenture All rights reserved. 16 Paym (UK): new payment interactions triggered by spontaneous behaviors Paym (UK): shift from business to non-business hour transactions Lessons learned from European real-time payments experiences The availability of “Instant Payments” is triggering new customer behaviors, in turn sparkling new business opportunities Source: Faster Payments Scheme Limited & Paym, Feb 2015 Swish (Sweden): new services based on a real-time payments infrastructure Source: Paym, 2016 Consumer-to-business p2p, for small merchants payments (teachers, plumbers, home workers...) Online payments method with mobile authorization for e- commerce retailers Mobile in-store payments integrated with innovative eCR and CRM apps for merchants
  17. 17. 17 What does this mean for online and in-store retailers?
  18. 18. Copyright © 2016 Accenture All rights reserved. 18 Phisical (in-store) merchants Online merchants Payments evolution: check-out options for retailers today and tomorrow TODAYTOMORROW Cash Debit Credit Costs Avg.ticket Costs Conversions Prepaid & credit Polymorphic payments (online + in-store) Traditional Experience-driven PISP-enabled payments, Instant Payments Conceptual
  19. 19. Copyright © 2016 Accenture All rights reserved. 19 Payment Use Case: 1. Make guaranteed payment for online purchase Ben is travelling to Asia and realises his wallet has gone missing... He needs to urgently book his return flight Ben searches the suitable fligth and selects it Ben logs on to travel website and successfully books his return flight Ben has the following options to make payment... Cards ..Ben selects PISP Ben selects the Bank through which he wishes to pay Bank Authentication credentials The PISP redirects the request to Ben’s bank Sufficent funds check and requests to transfer... API restricted data API restricted data ...from a/c to Merchant’s bank PISP  ...Ben’s Bank verifies PISP access and funds and sends OTP Confirms OTP to release funds Merchant’s bank receives payment Retailer confirms purchase to Ben 7 6 51 2 3 4 Illustrative 8
  20. 20. Copyright © 2016 Accenture All rights reserved. 20 Payment Use Case: 2. Compare a Lending Product and Purchase Ben is planning to buy a new car and wishes to compare the loan rates offerd by different Financial Institute Loan 730€/m Loan 930€/m Ben logs a single Portal which provides aggregated information on cars Ben selects car models... € € € AISP sends the request to bank1,2.. API Open data ...Bank verifies AISP access right to provide the rate Ben selects the bank 1 and has 2 option to apply the offer... a) Online b) In branch  ...Bank authenticates Ben & processes the loan request Ben receives instant loan access ...and the option to compare loan offers with AISP ...choose to apply online 1 2 3 4 5 6 API restricted data Illustrative
  21. 21. Copyright © 2016 Accenture All rights reserved. 21 Message Receipt Shop’s app Author. request  Payment Use Case: 3. in-store Immediate Payments ...Anna receives on her mobile the authorization request and accepts it Anna receives a message with pop up to download the shop’s App where she can get the Lottery ticket and Loyalty Points Lottery ticket Anna goes to a luxury shop to buy a new pair of shoes Anna accepts to pay using IP...the SA inputs the value and the Anna’s phone #... SA receives the payment confirmation on the mobile POS ...SA suggests to use the Istant Payments (IP) to have a free lottery ticket and additional loyalty points After Anna have selected the shoes...the Sales Assistant comes to her with a mobile POS on tablet... 5 1 2 3 4 Illustrative
  22. 22. Copyright © 2016 Accenture All rights reserved. 22 So what’s in for online & phisical retailers? Services Fees / risks reduction Improved cash collection Integrated consumer financing Improved customer experience1 Integrated pre/post payment services2 Potential merchants benefits 1) e.g. customizable payment scheduling, accounts selection etc. 2) e.g. coupons, loyalty etc PISP-initiated payments Instant Payments
  23. 23. 23 What’s Next?
  24. 24. Copyright © 2016 Accenture All rights reserved. 24 Conclusions • PSD2 and Instant Payments are going to disrupt payments landscape before 2020, increasing competition and the level of innovation in payments segment • New check-out methods could become available for merchants both online and in-store, potentially enabling:  An improved customer experience  higher conversion rate  A reduction in costs (merchant fees) and risks / liability  Improved cash collection • In order to fully enable merchant payments e.g. for e-commerce and P2B, a rulebook is needed e.g. clarifying liability and disciplinating disputes, refunds, chargebacks... • Retailers should remain tuned in order to understand implications and evaluate actions
  25. 25. 25 Thanks!
  26. 26. Copyright © 2016 Accenture All rights reserved. 26 Simplicity and convenience are the primary drivers for growth and adoption of real time payments in retail banking Consumer expectations for instant access and mobile connectivity have driven the recent growth in demand for real time payments Source (1) Immediate Mobile Payments: VOC (2) Goldman Sachs mCommerce (3) Accenture Payments Insights Series: Real Time Payments Top Consumer Preferences for Immediate Payments via Mobile Phone1 Easy/Simple (34%) Convenient (25%) Quicker, faster clearing (23%) Secure /safe (18%) Consumer Attitudes indicate…3 1 2 4 3 94% Would pay for faster international remittances 34% Would pay for expedited bill pay 59% Would pay for faster domestic person-to-person transfers $298 $415 $516 $626 0 500 1000 2015 2016 2017 2018 $(billions) Growth of mCommerce Sales2 Consumers are adopting a 24/7 mobile lifestyle, as mCommerce is expected to grow 21-39% annually in the coming years

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