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Payments & FX

The Second Payments Services Directive:
A Catalyst for Innovation

The Second Payments Services Directive (PSD2) sets a framework for redefining the European payments ecosystem—driving the evolution towards an enhanced customer-centric experience by catalysing innovation across payments services and client distribution channels.

To achieve the maximum benefits of this transformation, investment in technology across a bank’s Merchant Services and Treasury Services capabilities is essential.


PSD2 enables consumers to make payments directly to merchants using new payment methods enabled by third-party providers. Parallel to these new payment models being facilitated by PSD2, is the advancement of real-time or ‘instant’ payments, which provide a 24/7 settlement infrastructure for near-immediate settlement of proceeds. These new models facilitate payments in full and quicker settlement of proceeds without batch-processing or time delays. Removing friction points from payments will accelerate the consumer purchase cycle integral to the growing on-demand economy.

This new, dynamic landscape can become the catalyst for organizations to transform their online sales model and reduce supply-chain risk by attaining assuredness of proceeds credited before goods are dispatched. Increasing the certainty of value and timing of funds processed yields enhanced working capital management opportunities for businesses, as well as the opportunity to improve supplier and customer relationships.


At the heart of PSD2 is connectivity to all European banks through Application Programming Interfaces (APIs). PSD2 provides a directive for banks to open up their APIs to enable the integration of third-party providers into payment networks to foster increased competition and innovation. Through APIs, payment initiation from bank accounts of consumers and organizations in the European Economic Area (EEA) is expected to be available to merchants seeking to collect the proceeds of sale through a simple, secured gateway to each bank’s online payments infrastructure.

Beyond e-commerce applications of PSD2, traditional corporate transaction banking will benefit from adopting APIs in a mature marketplace where Enterprise Resource Planning (ERP) and Treasury Management Systems (TMS) are the foundation of treasury technology. With growing adoption of cloud-based ERP and TMS software, IT development is shifting to leverage APIs as a building block of greater efficiency and effectiveness.

PSD2 will spark payments innovation, give customers more control, and allow merchants and banks to turn it into their competitive advantage. PSD2 will also open the market to new payment entrants and extend the scope of services, thus increasing competition with the aim of making payments more innovative, efficient, swift and secure for customers.

Brian Gaynor, European Head of Product for Merchant Services at J.P. Morgan


The heightened connectivity and flexibility afforded by APIs should enable banks to allow merchants and other corporate clients to access vast troves of data in faster, simpler and standardized ways. Therefore, APIs are not only the building blocks of a redefined payments ecosystem, but also allow for even greater value from the payments experience.

Within the corporate treasury realm, everything from forecasting to risk assessment to liquidity management needs actionable insights. These insights are enabled by technology innovations in data configuration, processing power and communication speed. APIs will play a vital role as a connective glue in this, with change becoming easier and faster as companies gain control of the right data exactly when and where needed.


J.P. Morgan is designing a future state operating model for e-commerce and treasury management as a foundational layer to move banking into the third decade of the 21st century. We are doing this on multiple levels, including:

We see an accelerated path to adoption of APIs, real-time payments, and blockchain-based services with an end goal of delivering new levels of security, automation, efficiency and actionable intelligence to our clients.

Jason Tiede, Head of Innovation for Treasury Services at J.P. Morgan


As organizations take advantage of PSD2, it is important to collaborate with a bank that invests in innovation with the vision and practical application in solving real-world challenges. Key to this is working with a banking partner that has the experience, expertise, and scale to deepen and optimize interconnectivity across the needs of merchants and corporate treasuries.

For more information please contact your J.P. Morgan Representative


J.P. Morgan is the marketing name for the Treasury Services business of JPMorgan Chase Bank, N.A. and its affiliates worldwide.

©2018 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC.

The products and services described in this document are offered by JPMorgan Chase Bank, N.A. or its affiliates subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates.

JPMorgan Chase Bank, N.A. at its London Branch is authorised by the Office of the Comptroller of the Currency in the jurisdiction of the U.S.A. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request (Firm Reference Number: 124491)

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J.P. Morgan Bank Luxembourg S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF) and is jointly supervised by the European Central Bank (ECB) and the CSSF. J.P. Morgan Bank Luxembourg S.A. is authorized as a credit institution in accordance with the Law of 5th April 1993

For Brazil: Ombudsman J.P. Morgan
Telephone: 0800-7700847
Email: ouvidoria.jp.morgan@jpmorgan.com

The information herein or any document attached hereto does not take into account individual client circumstances, objectives or needs and is not intended as a recommendation of a particular product or strategy to particular clients and any recipient of this document shall make its own independent decision. Information in this document has been obtained from sources believed to be reliable, but neither Chase Paymentech Europe Limited nor any of its affiliates warrant the completeness or accuracy of the information contained herein. The information provided herein may not be copied, published or used, in whole or in part, for any purpose other than expressly authorized by Chase Paymentech Europe Limited.

Chase Paymentech Europe Limited, trading as J.P. Morgan, is regulated by the Central Bank of Ireland. Registered Office: JP Morgan House, 1 George’s Dock, I.F.S.C., Dublin 1, D01 W213, Ireland. Registered in Ireland with the CRO under the Registration No. 474128. Directors: Catherine Moore (UK), Carin Bryans, Michael Passilla (US), Dara Quinn, Steven Beasty (US)