In less than five months, the EPC’s SEPA Instant Credit Transfer (SCT Inst) scheme will be operational. The implementation of this new and optional scheme – the exact starting date of which is 21 November 2017 – is a hot topic within the European payment community. It is also a challenging one, as the published the rulebook in November 2016, which left just one year for payment service providers (PSPs) […]
The European Banking Authority (EBA) launched a public consultation on the draft regulatory technical standards (RTS) and implementing technical standards (ITS) on the EBA electronic central register under the Payment Services Directive (PSD2), which respectively set requirements on the development, operation and maintenance of the register and the information to be contained in it. The consultation runs until 18 September 2017. The register will include information about payment and electronic […]
The European Banking Authority (EBA) published the Final Guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The Guidelines were developed in close cooperation with the European Central Bank (ECB), are addressed to all payment services providers and competent authorities in the 28 EU Member States, and contribute to the objective of the PSD2 of minimizing disruption to users, payment service providers and payment systems. The Guidelines […]
The European Banking Authority (EBA) launched today a public consultation on its draft Guidelines on reporting requirements on statistical data on fraud under the revised Payment Services Directive (PSD2). The Guidelines, which are addressed to payment service providers and competent authorities, are aimed at contributing to the objective of PSD2 to increase the security of retail payments in the EU. The consultation runs until 03 November 2017. Data on payment […]
The European Banking Authority (EBA) published a Discussion Paper on its approach to financial technology (FinTech). The EBA sets out in the Discussion Paper the results of the first EU-wide FinTech mapping exercise and its proposals for future work on FinTech. FinTech has the potential to transform the provision of financial services. For this reason, public authorities in the EU and beyond have started to investigate the impact FinTech is […]
Waiting at the departure gate at Heathrow Terminal 2, dressed as an eskimo as I didn’t trust the weather reports for Hamburg! The question I started to explore: Is Payment Service Directive 2 (PSD2) and Open Banking friend or foe for banks? There are 2 key players influencing change, the European Banking Authority (EBA) who have issued PSD2 and for the UK in addition to PSD2 the Competitions Marketing Authority […]
In the ongoing discussion on PSD2, in late June the European Banking Authority (EBA) published its opinion on the European Commission’s proposed amendments to the PSD2 draft Regulatory Technical Standards (RTS) on Strong Customer Authentication and Common and Secure Communication. Below, we’ve included a simplified version of the debate about the amendments to help you navigate PSD2. The EBA’s opinions on the four amendments proposed by the Commission are as […]
New rules in Europe aim to change the payments landscape – in the process, they could also boost blockchain development. Europe is about to undergo a massive shift in regulation that will fundamentally change the payments landscape. It’s also likely to give an unexpected boost to blockchain development. Let me explain. It all starts with PSD2, a new payments directive due to come into force in early 2018, aims to […]