The European Central Bank (ECB) has published the following:
- an opinion on the proposed Directive primarily repealing the Payments Services Directive (PSD) and replacing it with a new Payment Services Directive (PSD2). The ECB’s detailed drafting proposals are set out in an annex to the opinion. Specific comments focus on safeguarding requirements, having a single authority be responsible for ensuring compliance, a customer authentication system, an unconditional refund right for a period of eight weeks for all consumer direct debits, compensation for non-execution, defective or late execution and complaint procedures; and
- an opinion on the proposed Regulation on interchange fees for card-based payment transactions. The ECB’s detailed drafting proposals are set out in an annex to the opinion. Specific comments focus on the timing of introducing caps on cross-border interchange fees, co-branding, having a single authority be responsible for ensuring compliance and a transitional period for the separation requirement.