The Netherlands

Topic: Payment services

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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

EBA opinion on obstacles to the provision of third party provider services under the PSD2

On 4 June 2020, the European Banking Authority (EBA) issued an opinion on the obstacles to the provision of third party provider services (TPPs) under the regulatory technical standards (RTS) on strong customer authentication (SCA) and common and secure communication (CSC). Article 32(3) of the RTS on SCA and CSC requires account servicing payment service … Continue Reading

T2-T2S consolidation: FAQs on migration, testing and readiness

On 28 May 2020, the European Central Bank (ECB) published FAQs for TARGET2 (T2) participants (banks and ancillary systems) providing them with information regarding the T2-T2S consolidation project.  In particular, the FAQs provide such participants with information on the overall migration strategy and the key project milestones, as well as details on service providers, connectivity, … Continue Reading

EBF guidance document on the revised Cross-Border Payments Regulation

On 13 May 2020, the European Banking Federation (EBF) published a guidance document on the revised Cross-Border Payments Regulation. The purpose of the document is to help EBF members in their implementation of the Regulation, in particular with regard to the new obligations related to transparency requirements for currency conversions for card-based payments and credit … Continue Reading

EBA updates guidelines on fraud reporting under PSD2

On 22 January 2020, the European Banking Authority (EBA) published amendments to its 2018 guidelines on fraud reporting under the revised Payment Services Directive (PSD2). Article 96(6) of PSD2 requires all payment service providers to report statistical data on fraud relating to different means of payment to their national competent authorities and that such competent … Continue Reading

Payments industry agrees new SEPA card standards

On 15 January 2020, the European Cards Stakeholders Group (ECSG), the industry association overseeing cards standardisation in the Single Euro Payments Area, has published version 9.0 of the SEPA Cards Standardisation Volume (the SCS Volume). Version 9.0 of the SCS Volume takes effect immediately for a three year period. In version 9 of the SCS … Continue Reading

EBA opinion on the deadline for the migration to SCA for e-commerce card-based payment transactions

On 16 October 2019, the European Banking Authority (EBA) published its latest opinion on the deadline for the migration to strong customer authentication (SCA) under the revised Payment Services Directive (PSD2) for e-commerce card-based payment transactions. Earlier this year the EBA published an opinion providing a non-exhaustive list of the authentication approaches currently observed in … Continue Reading

Several updates from DNB on PSD2

On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published several updates in relation to PSD2. Exemptions from contingency mechanism: sixteen account servicing payment service providers (ASPSP) have applied with DNB for an exemption from the contingency mechanism requirement under Article 33(6) of Delegated Regulation (EU) 2018/389. DNB is currently considering these … Continue Reading

The Bank Data Retrieval Portal Act submitted to the Dutch Parliament

On 1 July 2019, the legislative proposal for the Bank Data Retrieval Portal Act (Wetsvoorstel verwijzingsportaal bankgegevens, the Proposal) was sent to the Dutch Parliament (Tweede Kamer). The Bank Data Retrieval Portal (BDRP) is an electronic system that allows certain Dutch authorities, including but not limited to the police, the public prosecution service (Openbaar Ministerie, OM), … Continue Reading

Amendment Decree Financial Markets 2019 submitted to Dutch Parliament and Dutch Senate

On 7 June 2019, the Dutch Minister sent the Amendment Decree Financial Markets 2019 (Wijzigingsbesluit financiële markten 2019, the Amendment Decree) to the Dutch Parliament (Tweede Kamer) and the Dutch Senate (Eerste Kamer). Among other things, the Amendment Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen … Continue Reading

PSD2 implementing legislation entered into force

On 19 February 2019, the Act implementing the revised Payment Services Directive (EU/2015/2366) (PSD2) (Implementatiewet herziene richtlijn betaaldiensten) and the Decree implementing PSD2 (Implementatiebesluit herziene richtlijn betaaldiensten) entered into force in the Netherlands. PSD2 is a directive regulating the payments of consumers and businesses. PSD2 has five primary objectives: promoting competition in the European payments … Continue Reading
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