Banking & Fintech

EBA reviews Payment Services Directive – opinion

EBA opinion on the review of the Payment Services Directive (PSD2)

On 23 June 2022, the European Banking Authority (EBA) issued an Opinion on the review of the Payment Services Directive (PSD2). The opinion is crucial for all participants of the Polish payment services – Fintech market, including in particular small payment institutions, national payment institutions, national electronic money institutions, payment service bureaus, or lending institutions. The EBA’s more than 200 proposals aim to increase competition, facilitate innovation, protect consumers’ funds and data, foster the development of user-friendly services and prevent exclusion from access to payment services, and ensure harmonized and consistent application of legal requirements across the EU.

Scope of Proposed Amendments:

EBA has proposed the following changes (examples):

  • merging the PSD2 and the Electronic Money Directive,
  • clarifying the application of strong customer authentication (SCA)  and the transactions in scope,
  • addressing new security risks for customers such as social engineering fraud,
  • addressing concerns about authentication approaches (e.g. based on smartphones) that have led to exclusion of certain groups of society from using payment services online,
  • addressing underlying issues and obstacles to the provision of payment initiation services (PIS) and account information services (AIS), including the proposals for (i) AIS providers to apply their own SCA with their customers instead of relying on the authentication procedures by banks, (ii) empower customers to remain in control of their data; and (iii) support the development of high-quality interfaces across the EU,
  • addressing the enforcement shortcomings in relation to the implementation and application of SCA for e-commerce card-based transactions and the removal of obstacles to the provision of AIS and PIS,
  • addressing unwarranted de-risking practices by banks affecting payment and e-money institutions, and
  • adjusting the prudential requirements, in particular in relation to initial capital, own funds, the use of professional indemnity insurance, and possible consolidation group supervision.

Where is the EBA’s opinion available?

The opinion was published by EBA on the following website.

Questions or concerns regarding PSD2 – contact our law firm

Should you have any questions or doubts, we encourage you to contact our Polish FinTech Attorneys.

Author team leader DKP Legal
check full info of team member: Aleksandra Walas

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