Tag: PSD2

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 […]

UK Treasury interpretation of article 36 of PSD2 – a welcome surprise?

Article 36 of the second Payment Services Directive (PSD2) will require the Member States of the European Union to “ensure that payment institutions have access to [bank] payment accounts services on an objective, non-discriminatory and proportionate basis. Such access shall be sufficiently extensive as to allow payment institutions to provide payment services in […]

PSD2: EBA consults on PII Guidelines for payment initiation & account information service providers

The European Banking Authority (EBA) has published its draft Guidelines on professional indemnity insurance (PII) and comparable guarantees for payment initiation and account information service providers (PISPs and AISPs respectively), under the second Payment Services Directive (PSD2).  The draft Guidelines include criteria, indicators, calculation methods and a formula for national regulators  to use when […]

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 […]

European Bitcoin regulation, and the gathering and storage of information on bank and payment accounts

As anticipated, the European Council has decided to use the fight against money laundering and terrorist financing as its starting point for the possible regulation of virtual, digital and crypto-currencies; and the gathering and storage of information about bank and payment accounts. In particular, in its press release of 12 […]

#FCA Call for Input on its approach to Payment Services

The FCA has published a brief call for input on its approach to payment services regulation. The FCA’s existing Payment Services guidance can be found in: “The FCA’s role under the Payment Services Regulations 2009” (published June 2013) (the so called “Approach Document”); and Chapter 15 of the FCA’s Perimeter Guidance manual – […]