EBF comments on EBA opinion on elements
of strong customer authentication under PSD2

EBF STATEMENT           

BRUSSELS,  21 June 2019 – The European Banking Federation notes the publication today of the opinion of the European Banking Authority on the elements of strong customer authentication under the second EU Payment Services Directive, known as PSD2. The EBA opinion is available via this link.

A successful implementation of the strong customer authentication requirements for online card payments in Europe can only happen effectively once the entire payments ecosystem, including service providers, banks as well as retailers and merchants, is ready. As EBF we genuinely appreciate the swift response of EBA to the concerns over certain elements of strong and secure customer authentication under PSD2.

The approach under the EBA opinion is designed to avoid disruptions in online payments and will leave room for national authorities to act by providing limited additional time, particularly in countries where not all participants in the payments chain are ready yet to use the new strong authentication services.

Banks remain committed to working closely together with all stakeholders in the payments ecosystem in order to provide a safe and reliable payments infrastructure that works for clients across Europe, online retailers as well as their customers.

The European Banking Federation wrote to the EBA and the European Commission earlier this month in order to ensure best customer outcomes with no disruptions by allowing more time for full implementation by all participants in the payments chain.

MEDIA CONTACT:
Raymond Frenken, Head of Communications
+32 496 52 59 472
r.frenken@ebf.eu.

ABOUT THE EBF:

The European Banking Federation is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. The EBF serves as the voice of the European banking sector, bringing together 32 national banking associations in Europe that together represent some 3,500 banks – large and small, wholesale and retail, local and international.