The LHoFT Foundation and Temenos open the debate on PSD2 and strategic opportunities for banks behind compliance
On Wednesday 5 July, Temenos group and the LHoFT Foundation organized a conference at Sofitel Hotel addressing a burning issue: how to master banking transformation: moving from the traditional banking to open banking with the second payment services Directive (PSD2). The conference gathered more than 110 banking and financial services executives.
The different speakers discussed the challenges facing the banking industry related to transformation and practical strategies including case studies on how to ensure future competitiveness for banks.
After a first overview on the regulatory framework with the CSSF and the ABBL, Kanika Hope, Strategic Business Development Director at Temenos, gave a summary on new business models engendered by Open Banking as well as technical implications.
A second fire-side chat was dedicated to requirements for system transformation projects of a leading European bank. Didier Richter, head of Digital Banking at BIL, exchanged views with Duena Blomstrom, Head of Growth Temenos Market Place.
Going from traditional banks, to neo-banks, to payments providers, the Application Programming Interfaces (APIs) became the center of discussion identified as the new standard for collaboration between the different stakeholders. Two providers, APigee, API platform for digital business, and BlueCode, cashless payments app, made a demo of their solutions.
Finally, in order to encompass the key issues raised, Nasir Zubairi, CEO of the LHOFT, ran a debate with Nadia Manzari from CSSF, Didier Richter from the BIL, Toshihiko Otsuka from Rakuten Europe and Kanika Hope from Temenos. The open discussion covered a wide range of topics going from the uncertainty of banks re. PSD2 details, the regulatory tsunami, the innovation paradox facing banks and above all their own experience regarding the challenges and opportunities offered by Open Banking. As a reminder, all Member States have to implement PSD2 rules as national law by 13th January 2018, leaving less than 6 months to implement the change and be ready.
About the LHoFT
The LHoFT Foundation is a public - private sector initiative that drives technology innovation for Luxembourg's Financial Services industry, connecting the domestic and international FinTech community to develop solutions that shape the world of tomorrow. The other partners of the LHoFT initiative are Chamber of Commerce, the City of Luxembourg and the University of Luxembourg, and the initiative is supported by the Ministry of Finance, Ministry of Economy and Ministry of State.