On 17 January 2025, the European Banking Authority (EBA) issued a press release stating that it had repealed its guidelines on major incidents reporting under the revised Payment Services Directive (PSD2) due to the application of harmonised incident reporting under the Digital Operational Resilience Act (DORA) from 17 January
On 12 December 2024, the Financial Stability Board (FSB) published:
On 21 October 2024, the Committee on Payments and Market Infrastructure (CPMI) issued a report on tokenisation.
The purpose of this report is to describe ways that tokenisation may affect the functioning of regulated financial markets. It critically analyses opportunities, challenges and risks, and identifies the most relevant implications for central banks and
On 21 October 2024, the Financial Stability Board (FSB) issued the following reports detailing work to enhance cross-border payments:
In the summer of 2023, the European Commission issued a payment services legislative package which amends the existing Payment Services Directive 2 (PSD2). A new Directive, PSD3, was proposed together with a Regulation, the Payment Services Regulation (PSR). In addition, a further Regulation was proposed, a Regulation on a Framework for
On 23 July 2024, the European Commission issued Q&As on Instant Payments Regulation (IPR) implementation.
The IPR entered into force on 8 April 2024 and a first set of obligations for payment service providers will have to be complied with as of 9 January 2025.
The Q&As are the product of two online
On 19 July 2024, the European Central Bank (ECB) issued a press release stating that the Eurosystem has defined a harmonised policy to allow non-bank payment service providers (PSPs) to access central bank-operated payment systems, including TARGET. Non-bank PSPs include payment institutions (PIs) and electronic money institutions (EMIs
On 16 July 2024, the Financial Stability Board (FSB) issued consultation reports on proposed recommendations intended to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers.
The recommendations regarding data frameworks follow an FSB stocktake of national and
On 24 May 2024, the European Banking Authority (EBA) issued a report on virtual IBANs (vIBANs).
IBANs are commonly used as payment account identifiers across the EU. More generally, IBANs are mandated in some 60 jurisdictions in the world, with over 20 jurisdictions recommending its use for cross-border payments. The new
On 7 May 2024, the Council of the EU published the European Central Bank’s opinion on the proposed Regulation on payment services in the internal market and the proposed Directive on payment services and electronic money services repealing Directives 2015/2366/EU and 2009/110/EC. A technical working document produced in connection with the ECB opinion has also