Finextra: Top banks spend big to attain PSD compliance
Tier one banks in Europe have set aside as much as EUR20 million each to attain compliance with the EU's Payment Services Directive (PSD) by November, with about 30% of the budget earmarked for technology changes.
Working with Finextra, Accenture surveyed nearly thirty EU banks, including nearly 20% of the top 100, to assess industry-views, core challenges to implementation, and bank readiness for the PSD, which will harmonise the EU's legal payments infrastructure.
EU bank respondents express confidence in their ability to meet the 1 November compliance deadline, with a vast majority (90%) saying they will be legally compliant on time and nearly three-quarters (72%) saying they expect to be fully compliant by November. Legal compliance to PSD is achievable without full implementation.
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