Rabobank Steps Towards a Uniform Euro Payments Market

“The collaboration with Capgemini in the first phase of the program has been pleasant for us. Through a structured approach and cooperation with all the internal stakeholders, we basically realized what we need to do and what the budget should be.”

Change Manager for PSD Program, Rabobank

The Situation

With the introduction of the Payment Services Directive (PSD), the European Union will offer a harmonized legal framework for all payment services dealers and users within the European Union. The guidelines are strongly oriented towards protecting consumer interests. Rabobank was required to comply with these amended European laws effective from November 1, 2009. These laws impact the products, processes, systems, and client contacts for all banks, both for new products developed in the SEPA (Single Euro Payments Area) as well as for existing payment products.

The Solution

Capgemini worked collaboratively with Rabobank to complete the first phase of the PSD project which included impact analysis and policy specification. Rabobank’s products, systems, processes, and client contacts have been analyzed to determine the areas where Rabobank satisfies the PSD versus the areas where there are gaps. Also during this phase, Capgemini provided further observations on PSD policy and created the business case.

The Result

Rabobank received insight into the costs and benefits for the introduction of PSD and created the foundation for PSD compliance. Also, diverse solutions have been identified and will be implemented as appropriate during the program rollout. As uncovered in the business case, Rabobank’s one-time investment in the PSD program brings a return on investment for business with quantitative and qualitative aids on diverse fronts.