The Netherlands

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

ECB – Best practices applied by financial market infrastructures in their business continuity plans during the COVID-19 pandemic

On 19 March 2021, the European Central Bank (ECB) issued a paper regarding best practices by financial market infrastructures in their business continuity plans during the COVID-19 pandemic. The ECB reports that since the outbreak of the COVID-19 pandemic the Eurosystem has been collecting information on the preparedness of payment systems/schemes and their critical service … 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

Payment services in Germany – what should be considered after the end of the Brexit transition period?

On 16 February at 11am – 12pm CET our financial services team in Germany will be holding a webinar exploring the key implications of the end of the Brexit transition period for the payments sector in Germany. In this webinar, presented in English, we will examine what the Brexit trade deal means for the payment … Continue Reading

SEPA Request-To-Pay Scheme Rulebook

On 30 November 2020, the European Payments Council (EPC) published version 1.0 of the SEPA Request-To-Pay (SRTP) Scheme Rulebook. The rulebook consists of a set of rules, practices and standards that makes it possible for any eligible RTP service provider to join, participate and operate in the scheme. The rulebook covers the set of operating … Continue Reading

Revision of the Regulation on oversight requirements for systemically important payment systems (the SIPS Regulation)

On 27 November 2020, the Eurosystem published its proposed amendments to Regulation of the European Central Bank (EU) No 795/2014 of 3 July 2014 on oversight requirements for systemically important payment systems (the SIPS Regulation) for public consultation. The SIPS Regulation sets out the oversight requirements for both large-value and retail payment systems of systematic … Continue Reading

Publication of the 2021 EPC SEPA payment scheme rulebooks

On 26 November 2020, the European Payments Council (EPC) published the 2021 payment scheme rulebooks and the related implementation guidelines. All 2021 payment scheme rulebooks enter into force on 21 November 2021. Annex IV of each 2021 rulebook contains a table summarising all changes made in each 2021 rulebook compared to the 2019 rulebook.… Continue Reading

ECB consults on the draft Eurosystem oversight framework for electronic payment instruments, schemes and arrangements

On 27 October 2020, the European Central Bank (ECB) published the following consultation papers on the draft Eurosystem oversight framework for electronic payment instruments, schemes and arrangements: Eurosystem oversight framework for electronic payment instruments, schemes and arrangements. In this consultation the ECB proposes a single oversight framework for electronic payment instruments, payment schemes and payment … Continue Reading

EBA consults on the revision of the Guidelines on major incident reporting under PSD2

On 14 October 2020, the European Banking Authority (EBA) issued a public consultation to propose revising the guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The proposal aims at optimising and simplifying the reporting process, capturing additional relevant security incidents, reducing the number of operational incidents that will be reported, and … Continue Reading

FSB report – enhancing cross-border payments

On 13 October 2020, the Financial Stability Board (FSB) published a report to enhance cross-border payments. The report was delivered to G20 Finance Ministers and Central Bank Governors for their meeting on 14 October 2020. The G20 has made enhancing cross-border payments a priority during the Saudi Arabian Presidency, and asked the FSB to coordinate … Continue Reading

RTS on central contact points under PSD2 published in OJ

On 9 October 2020, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2020/1423 of 14 March 2019 on supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards (RTS) on the criteria for appointing central contact points within the field … Continue Reading

EPC – Some 2020 change requests entering into force in November 2023

On 22 September 2020, the European Payments Council (EPC) published a new web page concerning some 2020 change requests entering into force in November 2023. The EPC explains that in September 2020, it decided to migrate all of its payment schemes to the 2019 version of the ISO 20022 message standard by 19 November 2023 … Continue Reading

Cross-border access to bank accounts

On 7 August 2020, the European Commission published its written response to a question raised in the European Parliament that whilst persons legally resident in the EU are allowed to open a basic bank account within its territory banks sometimes avail themselves of an exception to this rule where granting access to a basic bank … Continue Reading

Commission proposal for a Regulation on cross-border payments in the Union

On 17 July 2020, the European Commission adopted a legislative proposal for a new Regulation on cross-border payments in the EU. It has also published the annexes to the proposed Regulation. The purpose of the proposed Regulation is to undertake a codification of Regulation (EC) No 924/2009 of the European Parliament and of the Council … Continue Reading

EPC – get ready for the end of the transition period

On 14 July 2020, the European Payments Council issued an article on its website called ‘Brexit from 1 January 2021 onwards: get ready for the end of the transition period’. Key points in the article include: During the remainder of the transition period the UK will continue operating within the scope of the payment schemes … Continue Reading

CPMI report identifies steps to enhance cross-border payments

On 13 July 2020, the Committee on Payments and Market Infrastructures (CPMI) issued a report, ‘Enhancing cross-border payments: building blocks of a global roadmap’. The report presents the output of stage 2 of a three stage process to develop a global roadmap for enhancing cross-border payment. The report identifies a set of building blocks where … Continue Reading

Electronic trading platforms under PSD2

The Dutch Central Bank (De Nederlandsche Bank, DNB) recently published a news item in which it notes that research has shown that electronic trading platforms are providing payment services without the required authorisation. In the Netherlands there used to be an exception to the licence obligation for payment service providers if the payment services were … Continue Reading
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