By David Ballaschk, Senior Payments Expert, Deutsche Bundesbank.
David, can you please tell the Risk Insights readers a little bit about yourself, your experiences and what your current professional focus is?
After I graduated university with an Economics degree, I started working for the Bundesbank as a Trainee in 2014. There I discovered my interest in payments and I have been working for the payments department of the Bundesbank since 2015. Initially, my main focus was Instant Payments, but I started my research on FinTechs pretty quickly.
What, for you, are the benefits of attending a conference like the ‘Technology and Innovation Risk Summit’?
It’s always good to exchange views with professionals, especially regarding the effects of regulation in the “real world”. I’m also keen on talking about innovation in payments and how it may form the future payments landscape in Europe.
You are taking part in a panel discussion to discuss ‘Analyzing the post implementation impacts of PSD2 and open banking, and lessons learnt’. What do you think will be the key talking points amongst panelists and why?
I think it’s great that you brought banks, FinTechs and regulators together to discuss the impacts of PSD2. This will give us the chance to discuss the impacts of third party providers’ business models based on access to accounts.
In your opinion, what are the key lessons learnt post implementation of PSD2?
The implementation of PSD2 has just started. The RTS will come into force on the 14 September this year. Since we are in a wave of digital innovations in payments at the moment, it will be a challenge to differentiate between what is induced by the PSD2 and what is caused by other drivers.
Can you provide a preview of the insight you will provide at the event into how banks and tech providers can make the most out of new environment?
PSD2 offers opportunities for FinTechs as well as for the banks as incumbent players. We hope to see many new business models with additional value for the consumers.
Do you think customers fully understand the impacts of PSD2?
It is important that the customer understands that third parties can only access the account with his or her permission. Regarding Strong Customer Authentification, I am convinced that customers will appreciate the increased security in payments.
How do you see the technology risk landscape evolving over the next 6-12 months?
Aside from the PSD2, the process of digitalisation increases cyber risks. It is important for all actors in the financial sector to have adequate security measures in place to counter these risks.