MEPs have expressed concern that draft standards outlined by the European Banking Authority (EBA) to support innovation in the payments market would be restrictive to new business models.
In August the EBA proposed new regulatory technical standards (RTS) on strong customer authentication as part of its mandate to set such standards under the new Payment Services Directive (PSD2). PSD2 came into force earlier this year and will need to be implemented into national laws across the EU by 13 January 2018. PSD2 generally requires PSPs to apply “strong customer authentication” where organisations or consumers try to access their payment accounts online, initiate an electronic payment transaction or “carries out any action through a remote channel which may imply a risk of payment fraud or other abuses”
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