Secure Chorus’ Director to deliver keynote at Secure Chorus and TechUK Open Banking event


Secure Chorus’ Director, Roderick Hodgson will deliver a keynote speech at the joint Secure Chorus and techUK seminar “Open Banking, PSD2 and the Cyber Challenges Facing the Financial Services Sector”.

The EU Second Payment Services Directive updates the EU First Payment Services Directive. European Union Member States, including the UK, must implement PSD2 into national law by 13 January 2018.

Since the introduction of PSD1 the retail payment market had experienced substantial disruptive innovation which were entirely or in large part not covered by PSD1. The rapid grow of fintech, the development of new business models for payment services providers as well as the geographical expansion of digital payment services beyond the national markets into EU-wide markets has led to legal uncertainty and new security risks.

The PSD2 addresses these challenges and introduces several key improvements: it expands the directive’s scope, it clarifies the exceptions from it and it strengthens security and customer authentication. The directive also responds to evolving customer demands for real-time, personalised and seamless payment experiences by opening the market to Third Party Providers (TPPs).

The PSD2 mandates the European Banking Authority, in close cooperation with the ECB, to draft Regulatory Technical Standards (RTS).

Roderick Hodgson’s keynote will explore the challenges faced by the payment service providers with regards to implementation of some of the Regulatory Technical Standards issued by the European Banking Authority; the requirements for common and secure open standards of communication (CSC) between account servicing payment service providers, payment initiation service providers, account information service providers, payers, payees and other payment service providers (PSPs) and the requirements to protect the confidentiality and the integrity of the payment service users’ personalised security credentials.

He will be examining the risks and opportunities in the development and use of open interoperability and security communication standards amongst these parties, as well as highlighting approaches addressing the requirements to protect both the confidentiality and the integrity of users’ personal data when these are shared across the boundaries of disparate organisations.

The event will take place on Tuesday, 27 February 2018, from 10:00-12:00, at techUK, 10 St Bride Street, London, EC4A 4AD.

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