Tag: Payment services

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

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

PSR – Annual plan and budget

On 29 March 2022, the Payment Systems Regulator (PSR) published its annual plan for 2022/23. Key projects for the PSR in 2022/23 include: Account-to-account retail payments and card fees – the PSR will be working to make account-to-account payments become a realistic alternative to credit and debit cards. Authorised push payment (APP) scams – the … 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

PSR finalises plans for the wider implementation of fraud prevention tool, Confirmation of Payee

On 10 February 2022, the Payment Systems Regulator (PSR) confirmed and published a new rule that paves the way for more banks and building societies to adopt Confirmation of Payee (CoP), the bank account name checking service. In 2019, the PSR directed the UK’s six biggest banking groups to implement the first stage of CoP … Continue Reading

OFSI penalises FinTech company for breach of Crimea sanctions

On 5 August 2021, the UK’s Office of Financial Sanctions Implementation (OFSI) announced that it has imposed a penalty on TransferGo Limited (TransferGo) of £50,000 for issuing payments to accounts held at the Russian National Commercial Bank (RNCB) in violation of EU sanctions against Crimea (in breach of Council Regulation (EU) No 269/2014, as enforced … Continue Reading

PSD2: German regulator sets deadline for migration to SCA for online card-based payments

The German Federal Financial Supervisory Authority (BaFin) will allow payment service providers with seat in Germany to execute card-based payments online without strong customer authentication (SCA) until 31 December 2020. Based on a communication dated 17 October 2019 (link; only available in German), BaFin thus takes into account the relating opinion of the European Banking Authority (EBA) … Continue Reading
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