EBF advisor: Pascale – Marie BRIEN
Publication date: 9 November 2017
We welcome the opportunity to comment on the draft RTS and ITS on the EBA electronic central register and would wish to thank EBA for holding a very useful hearing on 4th September as it allowed us to have a very fruitful initial exchange of views on this critical part of PSD2.
PSD2 requires ASPSPs to open the infrastructure to third party providers (TPPs) and to ensure that only authorised TPPs (banks included) access customer’s payment accounts, ASPSPs should be able to check promptly the information about the TPPs from a reliable, legally-binding, real-time updated and consolidated register. PSD2 also requires TPPs to obtain a qualified certificate for electronic seals from a Qualified Trust Service Provider (QTSP) dully authorized.
The creation of the EBA register is a one-time opportunity for the European-Union to introduce consistency between the various registers at National level. The European Banking Authority should encourage National Competent Authorities (NCAs) to work together to bring barriers down and ensure that PSPs are supported in their efforts to deliver swift and reliable services. As it stands, the current discrepancies on the processes (manual/automated, machine readable or not, accuracy of data checked rapidly or not, update or corrections of files, insertion in the register of credit institutions active on the PIS/AIS market, dispute resolution…) reintroduce fragmentation by forcing PSPs to only rely on National Registers. Without a true effort to harmonize the elements of the registers between Member States, the EBA register may become irrelevant.
For both purposes a reliable, legally-binding, real-time updated and consolidated register is required to ensure all relevant parties are able to verify information about the TPP. The EBA registry should be the only register to fulfil all these needs.
If the current proposal, excluding banks and with limited functionalities remains as it is, the register will not be of any help in solving the operational need that ASPSPs face to identify TPPs when accessing payment service users’ accounts.
Consequently, ASPSPs would always have to refer to other sources of information, i.e. national registers, to obtain the most up to date information. This diminishes the utility of the EBA central register, effectively making of it an untrusted and useless source of information for the purpose of verification of TPPs accessing payment accounts and raising the question as to what purpose the EBA Register is there to perform.