Updating Customer Fund Protection: Examining shifts in PSD3 and PSR safeguards for clients' assets
In the latest episode of Alles Legal - Fintech-Recht kompakt, host Annerton delves into the changes to customer fund safeguarding due to the new EU directives PSD3 and PSR. The discussion is enriched by the presence of Dana Wondra, a seasoned professional in the financial sector.
Dana Wondra, a former marketing manager at TOP Sportmarketing Berlin GmbH, now serves as a Senior Manager Marketing at Payment & Banking. She joined the team in August 2023, bringing her extensive experience in public relations and organizing Olympic campaigns to the table. Since June 2022, she has also been working as a consultant and project manager at GOLT Coaching.
In this episode, Wondra discusses the current challenges in customer fund safeguarding, providing valuable insights for institutions navigating these changes. The new rules, set out by the PSD3 and PSR directives, aim to bring greater flexibility to the financial sector while ensuring the protection of customer funds.
Banks licensed as credit institutions under EU law have the option to deposit customer funds with the Bundesbank or other central banks, offering a step towards greater flexibility for many institutions. This move is expected to reduce uncertainty surrounding coverages and account structures.
Peter Frey, an expert at Annerton, guides the discussion, explaining various safeguarding methods. He emphasises the use of trust accounts and multiple accounts to avoid concentration risks. The insolvency-proof nature of trust accounts will be legally recognised in the future, providing an additional layer of security.
Customer funds do not have to be booked onto a separate account immediately, but can wait until the following business day. Banks are required to provide appropriate accounts for customer funds. Payment institutions will also have the option to deposit customer funds with the Bundesbank or another central bank.
The new directives are a significant development for the financial sector, and institutions are encouraged to take immediate steps to ensure compliance. The episode of Alles Legal - Fintech-Recht kompakt is available on various podcast platforms, offering a valuable resource for those seeking to understand these changes.
Dana Wondra, with her wealth of experience, provides a compelling perspective on these issues, making the episode a must-listen for anyone interested in the future of customer fund safeguarding in Europe.
