EBF advisor: Pascale Marie Brien
Publication date: 8 February 2017
A number of key moments are coming up during the coming months relating to the introduction of the second Payment Services Directive, known as PSD2.
Here a brief timeline:
- 25 November 2015: PSD2 adopted (published 25 December 2015, in force as of 12 January 2016)
- 8 December 2015: EBA published discussion paper
- 12 August 2016: EBA publishes consultation paper
- 23 February 2017: EBA publishes final draft RTS SCA and submits it to the Commission
From today up until January 2018: current processes continue.
- Countries that do not allow the sharing of credentials can keep screen scraping models out of their territories.
- In countries where TPPs’ activity has been authorised under PSD1, business as usual (bearing in minds the two legal cases in Germany and Finland).
- In countries where TPPs have not been licensed but were active before 12th January 2016, things continue as before up until the entry into force of PSD2.
May 2017: if the European Parliament does not block the RTS, publication of the RTS.
May 2017: ERPB Working Group publishes its recommendations on PIS.
- 24 May 2017: Commission sends letter to the EBA with amended draft RTS
- 29 June 2017: EBA comments on amendments
- 24 November 2017: Commission to adopt the RTS (expected date)
From January 2018: the provisions of PSD2 apply, meaning that TPPs will need to identify themselves towards AS PSPs and communicate securely with them. Screen scraping is therefore not allowed as from January 2018 and the secure interfaces will have to be used instead (and be up and running). If the interfaces are not up and running efficiently, then, status quo or a more secure process to still allow TPPs to be active on the market.
- 13 January 2018: PSD2 becomes applicable
- xx February 2018?: Scrutiny period of European Parliament and Council: probably 3+3 months if not ‘the same’ as the final draft EBA RTS, Art. 13 (1) EBA Regulation 1093/2010
- xx August 2019?: The RTS to become directly applicable 18 months after its entry into force, see Article 115(4) PSD2
October 2018, entry into force of the RTS.