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Topic: Payment services

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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

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
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