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Topic: Payment services

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EPC – updated rulebooks and rules

On 13 December 2021, the European Payments Council published: 2021 SEPA Direct Debit Core rulebook version 1.1. 2021 SEPA Instant Credit Transfer rulebook version 1.1. Maximum Amount for Instructions under the 2021 SEPA Instant Credit Transfer Rulebook version 1.1. 2021 SEPA Credit Transfer rulebook version 1.1. SEPA Payment Scheme Management Rules v4.4.… Continue Reading

EPC publishes 2021 Payment Threats and Fraud Trends Report

On 6 December 2021, the European Payments Council published the 2021 Payment Threats and Fraud Trends Report to create awareness on payment threats and fraud trends and help payment stakeholders decide on possible actions to prevent fraud. The following conclusions regarding payment threats and fraud enablers may be derived from this report: Social engineering attacks … Continue Reading

SEPA Request-To-Pay Scheme Rulebook

On 30 November 2021, the European Payments Council published the second version of Single Euro Payments Area (SEPA) Request-To-Pay (SRTP) Scheme Rulebook, which is based on the comments received in response to a three-month public consultation on the proposed change requests to the first version of SRPT scheme rulebook. This SRTP scheme rulebook is composed … Continue Reading

EPC publications

On 22 November 2021, the European Payments Council (EPC) published the following: Guidance on Reason Codes: For SDD R-transactions. The EPC has released version 6.0 of the document ‘Guidance on Reason Codes for R-transactions’ in November 2021. This applies to the two current applicable 2021 Single Euro Payments Area (SEPA) Direct Debit rulebooks. Guidance on … Continue Reading

Eurosystem publishes new framework for overseeing electronic payments

On 22 November 2021, the European Central Bank’s Governing Council approved a new oversight framework for electronic payments. The Eurosystem oversight framework for electronic payment instruments, schemes and arrangements (PISA framework) includes an assessment methodology and an exemption policy. It replaces the current Eurosystem oversight approach for payment instruments and complements the Eurosystem’s oversight of … Continue Reading

Call for advice to the EBA regarding the review of the PSD2

On 18 November 2021, a letter was published to the European Banking Authority (EBA) alongside a call for advice regarding the review of the revised Payment Services Directive (PSD2). The review clause in Article 108 of the PSD2 requires the European Commission to report on the application and impact of the Directive to the European … Continue Reading

CPMI (BIS) consultative report: Extending and aligning payment system operating hours for cross-border payments

On 18 November 2021, the Committee on Payments and Market Infrastructures (CPMI) and Bank for International Settlements (BIS) published a consultative report titled Extending and aligning payment system operating hours for cross-border payments as part of the G20 cross-border payments programme. The report focuses on the operating hours of real-time gross settlement (RTGS) systems which … Continue Reading

EBA publishes Consultation Paper on amending RTS on SCA and CSC under PSD2

On 28 October 2021, the European Banking Authority (EBA) launched a public consultation on the amendment of its Regulatory Technical Standards (RTS) on strong consumer authentication and secure communication (SCA&CSC) under the Payment Directive (PSD2) with regard to the 90-day exemption for account access. The amendments proposed in the Consultation Paper aim to address a … Continue Reading

EBA repeals its guidelines on the security of internet payments under the PSD1

On 14 October 2021, the European Banking Authority (EBA) repealed its guidelines on the security of internet payments. These guidelines were issued prior to the revised Payments Services Directive (PSD2) in 2016 and have been replaced by the PSD2 and the related EBA instruments developed in support of it. The EBA issued the guidelines in … Continue Reading

FSB publishes targets for enhancing cross-border payments

On 13 October 2021, the Financial Stability Board (FSB) published a press release announcing the publication of its first consolidated progress report covering the progress made during the first year of the G20’s Roadmap for Enhancing Cross-border Payments. The report highlights that most of the milestones set by the Roadmap for 2021 have been completed … Continue Reading

Delegated Regulation supplementing PSD2 with RTS on framework for home-host co-operation and information exchange published in OJ

On 28 September 2021, there was published in the Official Journal of the EU, Commission Delegated Regulation 2021/1722 of 18 June 2021 supplementing the revised Payment Services Directive (PSD2) with regard to regulatory technical standards specifying the framework for cooperation and the exchange of information between competent authorities of the home and the host Member … Continue Reading

BIS Innovation Hub and Monetary Authority of Singapore publish proposal for enhancing global real-time retail payments network connectivity

On 28 July 2021, the Bank for International Settlements Innovation Hub Singapore Centre and the Monetary Authority of Singapore published a proposed blueprint for enhancing global payments network connectivity via multilateral linkages of countries’ national retail payment systems. Titled ‘Project Nexus’, the blueprint outlines how countries can fully integrate their retail payment systems onto a … Continue Reading

Regulation on cross-border payments published in OJ

On 30 July 2021, there was published in the Official Journal of the EU Regulation 2021/1230 on cross-border payments in the Union. The Regulation sets out rules on cross-border payments and on the transparency of currency conversion charges in the EU. It codifies and replaces Regulation 924/2009 on cross-border payments which has been substantially amended … Continue Reading

EBA consults on the draft guidelines on the limited network exclusion under the PSD2

On 15 July 2021, the European Banking Authority (EBA) issued a consultation paper on draft guidelines that set out its view on the application of the limited network exclusion requirements, which certain payment instruments might benefit from, as laid down in the revised Payment Services Directive (PSD2). Article 3(k) of the PSD2 specifies that the … Continue Reading

EBA report on the data provided by PSPs on their readiness to apply SCA for e-commerce card-based payment transactions

On 11 June 2021, the European Banking Authority (EBA) issued a report on the data provided by payment service providers (PSPs) on their readiness to apply strong customer authentication (SCA) for the subset of payment transactions that are e-commerce card-based payment transactions. The report highlights the status of issuing and acquiring PSPs in enrolling online … Continue Reading

EBA publishes final revised guidelines on major incident reporting under PSD2

On 10 June 2021, the European Banking Authority (EBA) published revised guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The revised guidelines optimise and simplify the reporting process and templates, focus on incidents with significant impact on payment service providers and improve the meaningfulness of the information to be reported. The … Continue Reading

FSB seeks feedback on its proposals for quantitative targets for enhancing cross-border payments

On 31 May 2021, the Financial Stability Board (FSB) issued a consultative document regarding targets for addressing the four challenges of cross-border payments – cost, speed, transparency and access. The FSB explains that these targets are a foundational step in the G20 Roadmap for Enhancing Cross-border Payments. The consultative document: (i) describes the principles, and … Continue Reading

Published in OJ – ECB Regulation and Decisions on systemically important payment systems

On 5 May 2021, there was published in the Official Journal of the EU: Regulation (EU) 2021/728 of the European Central Bank of 29 April 2021 amending Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2021/17). Regulation (EU) No 795/2014 (the ECB Regulation) sets out the European Central Bank’s (ECB) oversight … Continue Reading

Commission public consultation on instant payments

On 31 March 2021, the European Commission published a public consultation on instant payments. The public consultation supplements the Commission’s targeted consultation that was published on 24 March 2021 which sought feedback on technical issues relating to this initiative. On 11 March 2021, the Commission also issued for consultation a road map for an EU-wide … Continue Reading

Commission targeted consultation on instant payments

On 24 March 2021, the European Commission issued a targeted consultation on instant payments. The Commission also published a strategy for the initiative on instant payments in the EU. The targeted consultation will inform the Commission on remaining obstacles as well as possible enabling actions that it could take to ensure a wide availability and … Continue Reading

ECB – Best practices applied by financial market infrastructures in their business continuity plans during the COVID-19 pandemic

On 19 March 2021, the European Central Bank (ECB) issued a paper regarding best practices by financial market infrastructures in their business continuity plans during the COVID-19 pandemic. The ECB reports that since the outbreak of the COVID-19 pandemic the Eurosystem has been collecting information on the preparedness of payment systems/schemes and their critical service … Continue Reading

Commission roadmap on EU-wide instant payments scheme

On 11 March 2021, the European Commission published for consultation a draft roadmap (impact assessment) regarding a proposed Regulation on an EU-wide instant payments scheme. The objective of the draft roadmap is to foster pan-European market initiatives based on instant payments, which would ensure that anyone holding a payment account in the EU could be … Continue Reading

EBA calls on national authorities to take supervisory actions for the removal of obstacles to account access under the Payment Services Directive

On 22 February 2021, the European Banking Authority (EBA) issued a regulatory opinion on supervisory actions Member State competent authorities (NCAs) should take to ensure banks remove any remaining obstacles that prevent third party providers from accessing payment accounts, which restrict EU consumers’ choice of payment services. The EBA has produced the opinion under the … Continue Reading

Payment services in Germany – what should be considered after the end of the Brexit transition period?

On 16 February at 11am – 12pm CET our financial services team in Germany will be holding a webinar exploring the key implications of the end of the Brexit transition period for the payments sector in Germany. In this webinar, presented in English, we will examine what the Brexit trade deal means for the payment … Continue Reading
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