A French central bank official involved in the drafting of unpopular EU payment security standards has defended the draft proposals, but hinted a risk-based approach might be factored into the final text.
Alexandre Stervinou, the head of the Banque de France’s non-cash payments division, explained the rationale behind regulatory technical standards proposed by the European Banking Authority (EBA).
The standards, which will accompany the revised Payment Services Directive (PSD2), have been the subject of sustained industry criticism, in part because they prevent payment providers from skipping strong customer authentication for transactions they deem low risk.
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