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Payments Insight PAYMENTS Insight. Opinion. VOL 15 CONTENT OPINION PAPER: PSD2 AND THE IMPACT OF ACCEss TO ACCOUNT 1 OPINION PAPER: PSD2 AND THE IMPACT WHAT IS THE STRATEGIC IMPACT FOR BANKS, OF ACCEss TO ACCOUNT PAYMENT INSTITUTIONS AND MERCHANTS? We take a look at the strategic impact of PSD2/XS2A for banks, payment institutions and merchants. 4 QUO VADIS GIROCARD KALLE DUNKEL the PSD2, such as those extending its scope and Jan Lettow and Jakob Schniewind take a look on the current Senior Associate those relating to consumer protection, liabilities, challenges of Germany's leading cashless payment method security and payment instrument charges, we expect and it's future viability. JAN LETTOW XS2A to have the biggest impact when it comes to Manager new business opportunities. 5 M&A ACTIVITY XS2A requires banks to provide third party providers Which transactions made headlines in the 3rd quarter of CHRISTIAN LÖW with API access to customer accounts if the account 2016? What are the current M&A and IPO drivers? Robert Senior Associate holder consents. XS2A allows third party providers to Kayser, Apostolos Psaras and Maximilian Kind answer offer two new distinct types of services: these questions. JAkoB SCHNIEWIND 1. Payment initiation services, i.e., the execution of Associate online payments without holding user funds 7 VENTURE CAPITAL ACTVITY 2. Account information services, i.e., access to pay- Edoardo Cenci and Stefan Thomalla review the latest pay- Access to account as part of the PSD2 ment account data to provide a comprehensive ment start-up fundings of Q3 2016 and elaborate the stra- The objective of the revised Payment Service Direc- view of a user’s financial situation tegic thinking. tive (PSD2) is to further improve the foundation of an One of the reasons for creating these new service pro- EU-wide unified market viders under PSD2 is to 10 M&A DEAL ACTIVITY for payments by foster- include currently unregu- Transaction overview ing competition, innova- Payment initiators lated business models in tion and transparency. A will disintermediate the regulation: examples 12 VENTURE CAPITAL ACTIVITY major game changer traditional payment of payment initiation ser- Transaction overview introduced by PSD2 is schemes and are best suited vice providers are “Access to Account” SOFORT, Trustly and (XS2A). While there are for PSPs, banks and other iDEAL. Examples of further provisions within regulated payment institutions account information ser- vice providers are fymio, mint and Money Dashboard. One provider may cover Payment initiation multiple service offerings and this will even come to service Merchant be expected due to positive synergies. 2 payment initiation services Business opportunities based on 3rd party XS2A payment 1 Account Based on the two initiation 3 aggregation services possible XS2A ser- vices, EY Innovalue XS2A has identified five possible business opportunities arising for incumbents and ... 4 Scoring new players: Data 5 analytics and marketing Account information Fig. 1: Business service opportunities based on XS2A PAYMENTS Insight. Opinion. 2 1. 3rd party payment initiation services the price of cannibalizing their current higher-mar- implement an account information service and gain Payment initiation service providers can use APIs gin (card) business. further customer insights above and beyond the provided by the consumer’s bank to trigger transac- extended payment experience. tions for merchants. In this way, merchant acquirers 2. Merchant payment initiation services and card schemes are disintermediated. While Merchants have the option of becoming a payment 3. Account aggregation PSD2’s provisions calls for stronger authentication, initiation service provider themselves and initiate The new account information service APIs can be recurring payments can be exempted if merchants payments directly from consumer bank accounts. leveraged to gain a true “360°” financial overview are white-listed by customers. The payment initia- The primary motivation for merchants to become a for private and commercial multi-bank clients. By tion service providers’ business model is based on payment initiation service is to support the core aggregating the information in a financial manage- the expectation that revenue from transaction fees business by lowering costs, augmenting the cus- ment cockpit, the bank or aggregation layer pro- will be lower than current costs and cover a provider tomer experience and gaining further customer vides additional value for the client. However, the margin as well as potential transaction or API fees insights, while revenue potential is secondary. Plat- stand-alone presentation of financial information charged by the consumer bank. Costs arise from the form providers and super merchants (e.g., Alibaba, will soon become a market standard and will lose its need to obtain a payment institution license, set up Amazon and eBay) or “walled gardens” (e.g., Face- differentiator attribute. Lasting value for the cus- infrastructure, operations, marketing (less if white book and Twitter) could generate additional reve- tomer will be achieved by smart use of data, i.e., label) and potentially transaction or API fees nue from sub-merchants. On the other hand, costs advisory services with regard to better product charged by the consumer bank. Incumbents will see will be driven by the need for a payment institution offerings and relevant cross-selling. Revenue an increase in competition, ultimately leading to a license, infrastructure, operations and potentially streams are unlikely to spring up from the aggrega- commoditization of this service with lower fees. the transaction or API fees charged by the con- tion itself. Incumbents, such as Centralway, Moven Potential new players, such as banks, PSPs and sumer bank. Due to administrative and regulatory and Mint, will face fiercer competition from banks other regulated payment institutions, have the burdens, only large multinational merchants will and might have difficulties defending their current opportunity of extending their offering to an existing invest in becoming a regulated entity. As an already USP. loyal customer base. However, this might come at regulated player, the merchant could also 1 1 3 2 1 3 Account access Confirmation Account access Payment Merchant Payment 2 Merchant as service user service user Initiation payment initiator Aggregation layer 2 3 via API Initiation Confirmation P ayment via API Initiator 4 4 Consumer`s Merchant`s Consumer`s Merchant`s Interbank funds Interbank funds Bank bank Bank bank transfer transfer Private/ commercial Card Merchant Card Merchant client scheme acquirer scheme acquirer Fig. 2: 3rd party payment initiation services Fig. 3: Merchant payment initiation services Fig. 4: Account aggregation 4. Scoring provide approval for access to their accounts in e.g., telematics) or incentives (loyalty points, e.g., “Classic” (e.g., credit reports) and “new” (e.g., social order to positively influence their own credit scoring PAYBACK or Nectar). To comply with data protec- media data) scoring data sources can be supple- and thereby gain access to benefits such as lower tion regulations, the customer has to explicitly opt- mented with data retrieved via the new account interest rates. The resulting enhanced credit scores in. The data obtained can either be used internally by information service APIs. With the client’s consent, can be used as a stand-alone business model (credit the financial institution itself or sold to commercial the credit scoring provider can tap into the account scoring as a service) or for internal use as part of a partners for customized offerings with higher hit and transaction histories of all the banks of the cli- credit approval process by banks or merchants. His- rates and increased added value for clients. Com- ent and thereby enhance the scoring process with torically, FinTechs like bonify, Score Kompass and mercial partners include financial as well as non- valuable insights. Clients will be encouraged to Kreditech already made use of data-based scoring financial players. systems. Now, traditional banks are expected to 4 enter the field, striving to gain additional revenue 5 sources. With direct access to customer informa- tion, banks should obtain more reliable credit Credit Social Access scores, threating more indirect big data approaches reports media to bank accounts accounts currently relied on by many FinTechs. Gaining customer 5. Data analytics and marketing insights Aggregation and scoring The new account information service APIs will allow customers to give financial institutions access to their accounts in exchange for benefits, such as Enhanced Keep data Sell data internal use credit score Sale to 3rd party increased convenience (free account aggregator, Fig. 5: Scoring e.g., N26), discounts (insurance rebate, Fig. 6: Data analytics and marketing PAGE 1 PAYMENTS Insight. Opinion. 3 3rd party Incumbents • Standardization and openness lead to lower costs PISP • Increase in competition Commoditization of service and decrease in fees impact on • 1 New players • Additional new business and revenues • Increase existing customer’s loyalty via new services Cannibalization of higher margin business (e.g. cards) Banks PSPs • Merchant Incumbents PISP No incumbents yet impact on 2 New players • Optimized shopping experience • Lower payment costs Regulatory burden Large merchants Platforms Walled gardens • Account Incumbents • Regulatory approved business model aggregation • Loss of USP/ increasing
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