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Topic: Payment services

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EBA responds to Commission call for advice on the PSD2

On 23 June 2022, the European Banking Authority (EBA) responded to the European Commission’s call for advice on the review of the revised Payment Services Directive (PSD2). The EBA’s response takes the form of an opinion and a report and offers more than 200 proposals to help develop the EU retail payments market. The PSD2 … Continue Reading

ECB speech ‘Bringing European payments to the next stage: a public-private endeavour’

On 16 June 2022, the European Central Bank (ECB) published a speech by Executive Board member Fabio Panetta entitled ‘Bringing European payments to the next stage: a public-private endeavour’. In his speech Mr Panetta discusses the EU’s retail payments strategy and the introduction of a digital euro. Key points in the speech include: SEPA has … Continue Reading

CPMI paper – ‘Extending and aligning payment system operating hours for cross-border payments’

On 12 May 2022, the Committee on Payments and Market Infrastructures (CPMI) issued a final report on extending and aligning payment system operating hours for cross-border payments. The final report focuses on the operating hours of real-time gross settlement (RTGS) systems as key payment systems to enhance cross-border payments. Key points in the final report … Continue Reading

Commission launches targeted consultation on the review of the PSD2 and open finance

On 10 May 2022, the European Commission launched a public consultation to gather evidence for the revised Payment Services Directive (PSD2) review and to inform its work on open finance. The Commission is seeking to identify whether the PSD2 has achieved its objectives and whether amendments are needed to ensure that its rules remain relevant. … Continue Reading

EBA final report on the amendment of its technical standards on the exemption to SCA for account access

On 5 April 2022, the European Banking Authority (EBA) issued a final report on the amendment to the regulatory technical standards (RTS) on strong customer authentication (SCA) and secure communication under the revised Payment Services Directive (PSD2). The final report follows a consultation paper that the EBA published last March which set out proposed targeted … Continue Reading

UK payments regulation review

On 16 March 2022, UK Finance published the UK payments regulation review, making sense if where to go now. This report explores the impact of regulation and outlines how industry, lawmakers and regulators can work together to strengthen and enhance the UK’s payments infrastructure and regulatory and supervisory frameworks, following Brexit and in the light … Continue Reading

EBA publishes final guidelines on the limited network exclusion under the PSD2

On 24 February 2022, the European Banking Authority (EBA) issued a final report containing guidelines on the limited network exclusion under the revised Payment Services Directive (PSD2). Following the publication of the PSD2 in November 2015, the EBA and the European Commission received a number of queries on the application of the ‘exclusion’ under Article … Continue Reading

Mobile Initiated SEPA (Instant) Credit Transfer Payments and Technical Interoperability Guidance

On 21 February 2022, the European Payments Council (ECP) published an updated version of its 2019 guidance on, Mobile Initiated SEPA (Instant) Credit Transfer Payments and Technical Interoperability. The updated guidance was prepared after a public consultation that took place last year and includes various updates to chapters to take into account market and technical … Continue Reading

Legislative review of the European crypto-assets “travel-rule” proposal continues

On 9 February 2022, the European Parliament’s Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) committees published their joint draft report  on the European Commission’s July 2021 proposal for a regulation on information accompanying transfers of funds and certain crypto-assets (the so called “travel rule” regulation). The draft report, prepared … Continue Reading

Bank of England, FCA, PRA and PSR conduct 2021 review of MoU for payment systems in the UK

On 14 February 2022, the Financial Conduct Authority (FCA), Bank of England (BoE) Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) published a statement relating to a review of the Memorandum of Understanding (MoU) for payment systems in the UK. The MoU sets out the high-level framework that the authorities use to cooperate … Continue Reading

PSR remedies consultation for card-acquiring market review

On 26 January 2022, the Payment Systems Regulator (PSR) published a consultation on remedies following its market review into card-acquiring services. The PSR published a final report setting out its findings from a review of the card-acquiring market in November 2021. The PSR found that the supply of card-acquiring services does not work well for … Continue Reading

Letter to Danish Financial Supervisory Authority regarding Interpretation of the Payment Accounts Directive and Negative interest rates

On 17 January 2022, the European Commission published its response to letters it had received from the Danish Financial Supervisory Authority (FSA) regarding the interpretation of the Payment Accounts Directive (PAD) and charging negative interest rates on payment accounts. In its letter the Commission states that it leans towards a conclusion whereby negative interest rates … Continue Reading

Payment fraud data trends

On 17 January 2022, the European Banking Authority (EBA) issued a Discussion Paper setting out its preliminary observations on selected payment fraud data under the revised Payment Services Directive (PSD2), as reported by the industry during 2019 and 2020. The EBA sets out in the Discussion Paper its main findings related to three payment instruments: … Continue Reading

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
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