Tag: Payments

PSD2: The European Parliament as a friend of account information & payment initiation service providers

The European Banking Authority (EBA) has published a letter from the European Parliament’s PSD2 negotiating team. The team describes itself as “concerned” about the risk that the EBA’s draft Regulatory Technical Standards (RTS) on “strong customer authentication and … secure communications” will allow the banks to “exclude or limit direct access” by […]

PSD2: EBA Consultation on information to be provided for the (continued) authorization or registration of a payment or e-money institution, & an account information service provider

The European Banking Authority has published a Consultation on “Draft Guidelines on the information to be provided for … authorization as [a] payment institution [or] e-money institution and for the registration as [an] account information service provider“.

PSD2: “strong customer authentication” – what, when & how?

From 13 January 2018, banks, electronic money issuers and other payment service providers (together, PSPs) will be required to “appl[y] strong customer authentication“. Now that we have both the second Payment Services Directive (PSD2) and the European Banking Authority’s draft Regulatory Technical Standards (RTS), we can begin to see what this might mean, and what […]

PSD2: EBA consults on “strong customer authentication” & “common and secure communication”

(As anticipated) the European Banking Authority (EBA) has published a “Consultation Paper on the draft Regulatory Technical Standards specifying the requirements on strong customer authentication and common and secure communication under PSD2“. The Consultation Paper includes the EBA’s thoughts on what the relevant parts of the second Payment Services Directive (PSD2) mean; and its first draft […]

TSC publishes crowdfunding correspondence with PRA & FCA. “Tax incentives” now at risk?

The UK’s Treasury Select Committee (TSC) has published an exchange of letters with each of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). In the covering press release, TSC Chair, Andrew Tyrie MP, argues that “Government policies to promote … crowdfunding … may have the right intention – to increase competition in the SME lending market – but […]

EBA publishes Regulatory Technical Standards on separation of payment card schemes & processing entities: next steps

The European Banking Authority (EBA) has published its final draft Regulatory Technical Standards (RTS) on the separation of payment card schemes and processing entities, under article 7(6) of the European Interchange Fees Regulation. The draft RTS have also been submitted to the European Commission, Parliament and Council for possible adoption. In all probability, they will be in force before […]

FCA publishes final guidance on the Payment Accounts Directive & Regulations

The UK’s Financial Conduct Authority has published its Final Guidance on the Definition of a “payment account“ under, and the application of the “Packaged Accounts” rules in, the UK’s Payment Accounts Regulations. The Payment Accounts Regulations (PAR) will come into force on 18 September 2016 (*), and they’ll implement the EU’s Payment Accounts Directive (PAD) in and for the UK. The […]