A European Central Bank (ECB) official has called on payments firms to speed up implementation of security rules that accompany the revised Payment Services Directive (PSD2) to unlock the potential of instant payments.
Yves Mersch, a member of the executive board of the ECB, said that it was in the industry’s own interests to comply with the delayed regulatory technical standards on strong customer authentication before they are expected to take effect in September 2019.
Doing so would “guarantee the high security levels that are necessary to retain public trust in the payment system and payment services”, he said.
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