The new standards require all service providers, including banks, to adjust their processes to a new, secure and pan-European framework, without prescribing a specific business model.
The European Banking Federation takes note of the adoption by the European Banking Authority of its regulatory technical standards on strong customer authentication and secure communication for the second EU Payment Services Directive, known as PSD2. EBF wishes to underline the importance of this directive for creating an innovative and competitive payments ecosystem in the EU.
With PSD2 the European Union aims to establish the harmonized legal framework needed for creating an innovative and competitive pan-European market for online payment services. PSD2 is due to be implemented in January 2018, with the technical standards due to enter into force later in the year.
Says Wim Mijs, Chief Executive Officer of the EBF:
“There is a revolution coming in online payments and PSD2 is at the heart of this transformation. Europe can no longer ignore the need for common solutions. The new EBA standards offer a reasonable compromise. They bring strong customer authentication and stimulate the development of e-commerce and provide a sound basis for a safe and open payments ecosystem in Europe.”