PSD2: The European Parliament as a friend of account information & payment initiation service providers | Lexology

PSD2: The European Parliament as a friend of account information & payment initiation service providers | Lexology

The European Banking Authority (EBA) has published a letter from the European Parliament’s PSD2 negotiating team. The team describes itself as “concerned” about the risk that the EBA’s draft Regulatory Technical Standards (RTS) on “strong customer authentication andsecure communications” will allow the banks to “exclude or limit direct access” by account information and payment initiation service providers (AI&PISPs) to customer payment accounts, using existing online banking facilities.

The negotiating team also criticizes the draft RTS for being “unclear” and “inconsistent with the Level 1 legislation“, before noting that “with regard to contactless payments … a future proof solution is necessary“, and “when defining the thresholds for an exemption, any negative impact on firms should be duly taken into account“.

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