Following the initial IT-focused regulatory measures under PSD 2, eIDAS 2.0 and the EUDI Wallet represent a further strategic and organisational turning point for businesses across a wide range of sectors, particularly banks and financial service providers. Implementing these new requirements is more than just an IT project.
While banks, financial service providers and payment institutions may face new obligations, the wallet simultaneously opens up new opportunities for digital onboarding, authentication and more efficient processes. Institutions need to keep a close eye on the fast-approaching deadlines in July and December 2027, as well as the requirements regarding registration, data requests and data governance in their function as a “relying party”. Preparing for these requirements ahead of time can help to not only reduce compliance risks, but also gain a competitive edge and deliver an improved customer experience.
