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Payments & FinTech Lawyer

Implementing the EBA’s technical standards

The second Payment Services Directive (Directive (EU) 2015/2366) (‘PSD2’) is a game changer. It not only focuses on tightening the payments sector’s operating model, but also requires banks and other payments providers to open their infrastructure and customer data assets to third-party payment service providers (‘PSPs’) to enable them to develop new products, bringing PSPs into the scope of regulation for the first time. To this end, the PSD2 mandates certain standards and requirements intended to enable consumers to benefit from safer and more innovative electronic payments. The regulatory technical standards (‘RTS’) of the European Banking Authority (‘EBA’) on strong customer authentication (‘SCA’) and common and secure communication (‘CSC’) and the underlying Regulation (EU) 2018/389 underpin the new security requirements under the PSD2, regulating access by account information service providers (‘AISPs’) and payment initiation service providers (‘PISPs’) to customer payment account data held by account servicing payment service providers (‘ASPSPs’). The EBA published the RTS on SCA and CSC in the Official Journal on 13 March 2018. It will have legal application from 14 September 2019. Tim Wright, Partner at Pillsbury Winthrop Shaw Pittman LLP, discusses the EBA’s RTS.

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