After extensive discussions, the European Banking Authority (EBA) released the final Regulatory Technical Standards (RTS) in November 2017, outlining the specific responsibilities and obligations for all payment service providers under PSD2. On 13 March 2018, the European Parliament and the European Cou...
After extensive discussions, the European Banking Authority (EBA) released the final Regulatory Technical Standards (RTS) in November 2017, outlining the specific responsibilities and obligations for all payment service providers under PSD2. On 13 March 2018, the European Parliament and the European Cou...
The PSD2 Regulatory Technical Standards (RTS) lists specific security measures that financial institutions and payment service providers (PSPs) need to comply with under the law. All transactions must take place over secured channels and ensure authenticity and integrity of the data. Qualified certific...
Internet banking security is set to take a major step forward: On September 14, 2019, the Regulatory Technical Standards of the Revised Payment Service Directive (PSD2) are going to be effective within the European Union and the European Economic Area. This regulation makes two widely demanded ...
The Strong Customer Authentication (SCA) regulatory technical standards (RTS) require two of three elements to be met in order for authentication to be successful. These three elements are inherence, possession, and knowledge. Or in other words, something the user is, something they have and some...
theEBA(suchas,forexample,theimplementingtechnicalstandardsandtheregulatorytechnicalstandards),asinthiscase theactisformallyattributabletotheEUCommission.WithreferencetothespecificroleoftheEBAaimedatensuring uniformityintheimplementationofPSD2seeE.Cervone,TheEuropeanBankingAuthorityinLightoftheCJEUJurisprudence: TheCaseof...
The Regulatory Technical Standards are the technical implementation standards of PSD2 and SCA, expected to have taken effect on 31st December 2020. The following RTs specify the requirements of SCA, which is an authentication that: a) Is based on the use of two or more elements categorised as...
Member states had two years, ending in January 2018, to implement the changes in their national laws. In June 2017, the European Banking Authority responded to the European Commission with a final draft of the Regulatory Technical Standards (RTS) on Strong Customer Authentication and common and ...
The EBA is a European authority that ensures consistency in regulation and supervision across the European banking sector. For PSD2, they are responsible for issuing Regulatory Technical Standards and guidelines. European Economic Area (EEA)
In addition to providing an easy-to-understand summary of the PSD2 Regulatory Technical Standards, we’ll answer other frequently asked questions, including: What is PSD2? Why does Europe require stronger regulations for Secure Customer Authentication? What are the goals of the PSD2 directive?