Banks and third party providers agree on joint efforts regarding the transition to new payment rules
Joint statement of European Credit Sector Associations (ECSAs) and Third Party Provider associations on PSD2 rules applicable on 14 September 2019
BRUSSELS, 26 July 2019 – Today, the European banking associations, also known as European Credit Sector Associations (ECSAs), on the one side and the European Third Party Providers Association (ETPPA) and the Financial Data and Technology Association (FDATA) on the other side, formulated a Joint Statement (click here) to smoothen the transition to the new security and communication standards that will be applicable from 14 September 2019 within the framework of the revised payments services directive (PSD2). The statement covers a series of communication and information related commitments to improve the interactions between banks and Third Party Providers (TPPs) regarding the implementation of the new standards.
The parties to the statement reasserted their full commitment to the objectives of PSD2 which will create a more secure, innovative and competitive payments landscape with stronger consumer protection. The successful implementation of the PSD2 framework aims to create a vibrant market for payments in the European Union opening up new opportunities for all the players involved.
Representatives of the banking sector stressed that with this statement the banking industry is sending a strong signal about its willingness to make PSD2 a success. According to them, the objective of this initiative is to put forward joint solutions to facilitate as much as possible the implementation of PSD2. TPP representatives highlighted the need to ensure full business continuity of TPP-provided services to the benefit of European consumers, merchants and corporates.
Both parties also call on the National Competent Authorities to use the possibilities given to them within the law to the maximum extent possible to help avoid unintended customer detriment.
The statement resulted from a continued dialogue between representatives of the two third party providers associations and the three ECSAs overseen by the relevant EU authorities including DG FISMA and DG COMP of the European Commission as well as the European Banking Authority. The parties to the statement will monitor the progress made on a best effort basis until the 14 September 2019.
[UPDATE] European Commission press release – 26 July 2019
Anni Mykkanen, firstname.lastname@example.org
Nahuel Mercedes, +32 (0)2 508 3748, email@example.com
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF 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.
Follow us on Twitter: @EBFeu.