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Regulatory Technical Standards (RTS)
EU Brandishes Regulatory Stick To Hasten Instant Payments Adoption
28th Feb 2019 | Written by:
The market and consumers should be left to decide which payment channels they choose to use, Europe’s representative body for payment institutions has said following hints of regulatory action by...
Sweden: Financial Supervisory Authority Publishes Guidelines on Conditions for Using Exemption from Contingency Mechanism under Article 33(6) of EU Regulation 2018/389
25th Feb 2019 | Written by:
On February 25, 2019, the Swedish Financial Supervisory Authority (Finansinspektionen – FSA) notified the European Banking Authority (EBA) that it intends to fully comply with, and apply within the...
Exclusive: Brussels Threatens Reforms If Banks' PSD2 Strategies Hold Back Fintechs
21st Feb 2019 | Written by:
European Commission vice president Valdis Dombrovskis has threatened further regulatory intervention if banks’ strategies for the revised Payment Services Directive (PSD2) cause “a decline in the...
In Depth: After Long Wait, Spanish Firms Set To Seize PSD2 Opportunity
18th Feb 2019 | Written by:
Spain’s financial sector should be ready to take advantage of landmark EU payment reforms despite major delays in transposition, thanks to a combination of industry-level work and support from the...
Open Banking Not A Threat, ECB Says, As Credit Transfer Project Gathers Pace
8th Feb 2019 | Written by:
A senior European Central Bank (ECB) official has re-emphasised that banks must embrace the EU’s third-party account access regime, as it forges ahead with the creation of a new credit transfer...
MEP Accuses Top Regulator Of ‘Favouring Banks’ In PSD2 Guidelines
7th Feb 2019 | Written by:
The European Banking Authority (EBA) has defended its record on level three payments legislation after being accused by an MEP of “attempting to change a directive ... that turned out not be to its...
UK: Open Banking Implementation Entity Issues Operational Guidelines and Checklist
1st Feb 2019 | Written by:
On February 1, 2019, the Open Banking Implementation Entity (OBIE) published its Operational Guidelines and accompanying Checklist, with the aim of providing clarification and recommendations to...
Industry Points To TPP-Shaped Hole In Push Payment Fraud Code
29th Jan 2019 | Written by:
Banks in the UK have called on regulators to make clear how payment initiation service providers will fit into the upcoming voluntary industry code on thwarting authorised push payment (APP) fraud.
PSD2 'Whitelists' Not Open To Third Parties, European Commission Says
28th Jan 2019 | Written by:
European authorities have clarified that banks do not have to make whitelists of trusted payees visible or editable to third-party providers under incoming EU-wide security rules.
Europe: ENISA Publishes Study on Commonalities Between Member States' Approaches to Risk Management and Incident Reporting under PSD2
24th Jan 2019 | Written by:
On January 24, 2019, the European Agency for Network and Information Security (ENISA) released a study regarding good practices in the implementation of regulatory technical standards in the field...
Consumers Sceptical About Data Sharing Under Open Banking, FCA Says
11th Jan 2019 | Written by:
Consumer hesitancy and confusion about the rapid pace of technological and regulatory change in the payments sector has dominated the UK regulator’s annual overview of the industry.
UK Responds To Open Banking Criticisms, Promises Harmonised User Experience
3rd Jan 2019 | Written by:
As hundreds of fintechs and banks line up to take advantage of the UK’s third-party account access regime, the group behind the country’s open banking project has announced plans to ensure the end...
European Outlook 2019: Regulatory Trends And Industry Issues
2nd Jan 2019 | Written by:
Thanks to a barrage of regulatory reforms brought in over the past year, 2019 is poised to be a challenging year for European payments firms. Banks are under intense pressure to complete the...
UK: FCA Consults on UK-Wide Regulatory Technical Standards for Strong Customer Authentication in Case of No-Deal Brexit
20th Dec 2018 | Written by:
On December 19, 2018, the Financial Conduct Authority (FCA) launched consultation paper 18/44, by means of which it is seeking feedback on the proposed regulatory technical standards for strong...
In Depth: FCA Issues Policy Statement On PSD2 Security Standards
20th Dec 2018 | Written by:
The UK’s Financial Conduct Authority (FCA) has finalised its approach to incoming payment services security standards, responding to uncertainties around third-party account access, strong...
Regulator Guidance On PSD2 And eIDAS Helpful, Says Industry
19th Dec 2018 | Written by:
New European Banking Authority guidance has helped clear up “confusion” around how the EU electronic identification regime will work for third-party providers gaining access to customers’ accounts.
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