Introduction

The advent of Open Banking and the Revised Payment Services Directive (PSD2) has fundamentally reshaped the financial services landscape, driving unprecedented innovation, competition, and data sharing. While these regulations promise enhanced customer experiences and new business opportunities, they also introduce complex compliance challenges and heightened cybersecurity risks that demand rigorous oversight. This essential training course focuses on Open Banking and PSD2 Compliance Auditing, equipping professionals with the critical knowledge and practical methodologies to effectively assess financial institutions' adherence to these transformative regulations. You will learn to navigate the intricate requirements for Strong Customer Authentication (SCA), secure API integrations, and robust data protection, ensuring your organization meets its legal obligations while leveraging the full potential of open finance.

This intensive training course delves into the core tenets of PSD2, particularly its impact on payment service providers (PSPs) and banks, alongside the broader implications of Open Banking principles. We will explore in detail the technical standards for SCA, the secure exchange of customer data via APIs, and the roles and responsibilities of Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs). Participants will gain hands-on experience in planning, executing, and reporting on compliance audits tailored to the unique demands of an open financial ecosystem, focusing on identifying control gaps, assessing risk mitigation strategies, and ensuring the integrity of customer consent mechanisms. By the end of this training course, you will possess the expertise to confidently lead Open Banking and PSD2 audit engagements, safeguarding your organization's reputation and ensuring its seamless operation within the evolving digital finance paradigm.

Target Audience

• Internal Auditors
• IT Auditors
• Compliance Officers
• Risk Management Professionals
• Cybersecurity Specialists in Financial Services
• Product Managers in Fintech & Banking
• Legal Counsel in Financial Services
• Payments Operations Managers

Course Objectives

• Understand the fundamental concepts of Open Banking and the Revised Payment Services Directive (PSD2).
• Learn about the key regulatory objectives and scope of PSD2.
• Master methodologies for assessing Strong Customer Authentication (SCA) implementation and compliance.
• Develop skills in auditing secure API (Application Programming Interface) integrations for data sharing.
• Understand the roles and responsibilities of Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs).
• Learn about the technical standards and guidelines for Open Banking security.
• Explore best practices for auditing customer consent management and data privacy under PSD2.
• Master techniques for reviewing fraud detection and prevention mechanisms in the Open Banking context.
• Understand the operational risks and cybersecurity challenges associated with Open Banking.
• Learn about reporting and communicating PSD2 compliance audit findings to stakeholders.
• Apply practical Open Banking and PSD2 compliance auditing strategies to real-world scenarios.

Duration

5 Days

Course Content

Module 1: Introduction to Open Banking and PSD2

• Defining Open Banking and its impact on the financial sector.
• Exploring the purpose and objectives of the Revised Payment Services Directive (PSD2).
• Understanding the key entities: Account Servicing Payment Service Providers (ASPSPs), PISPs, AISPs.
• Overview of the benefits and challenges of the open financial ecosystem.
• The evolution of payments and the regulatory drive for innovation.

Module 2: PSD2 Regulatory Framework & Scope

• Learning the detailed scope and articles of PSD2.
• Understanding key definitions: payment services, payment accounts, payment transactions.
• Exploring the interplay between PSD2 and other regulations (e.g., GDPR).
• The role of national competent authorities in PSD2 enforcement.
• Navigating the regulatory landscape of digital payments.

Module 3: Strong Customer Authentication (SCA) Auditing

• Mastering the requirements of Strong Customer Authentication (SCA) under PSD2.
• Understanding the elements of SCA: knowledge, possession, inherence.
• Techniques for auditing SCA implementation in payment flows.
• Assessing exemptions to SCA and their appropriate application.
• Evaluating the effectiveness of fraud detection for SCA exemptions.

Module 4: API Security and Data Sharing Audit

• Exploring the role of APIs in enabling Open Banking data exchange.
• Learning about API security best practices and technical standards (e.g., dedicated interfaces).
• Techniques for auditing API authentication, authorization, and encryption.
• Assessing the resilience and integrity of API connections between entities.
• Ensuring the secure and controlled sharing of customer financial data.

Module 5: Third-Party Provider (TPP) Oversight & Audit

• Understanding the regulatory requirements for Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs).
• Learning how to audit the onboarding and ongoing oversight of TPPs.
• Assessing the security measures and due diligence applied to TPPs.
• Reviewing TPP authorization processes for accessing customer accounts.
• The importance of robust agreements and data sharing protocols with TPPs.

Module 6: Customer Consent & Data Privacy Audit

• Mastering the PSD2 requirements for explicit customer consent for data access.
• Understanding the intersection of PSD2 with GDPR and other data protection laws.
• Techniques for auditing customer consent management systems.
• Assessing the transparency and clarity of consent requests.
• Ensuring proper data minimization and purpose limitation in Open Banking.

Module 7: Risk Management, Fraud & Audit Reporting

• Identifying and assessing operational risks and cybersecurity challenges in an Open Banking environment.
• Exploring fraud typologies emerging from PSD2 and how to audit controls against them.
• Strategies for preparing comprehensive Open Banking and PSD2 compliance audit reports.
• Communicating audit findings, recommendations, and risk exposure to management.
• The future of Open Finance and evolving audit considerations.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 10 working days before commencement of the training.