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The Payment Service Directive (PSD2) recognises new types of payment services that have emerged in the area of internet payments, such as payment initiation (PIS) and account information (AIS).
The draft Guidelines proposed in Consultation Paper set out the criteria to be considered by the competent authorities. Furthermore, Consultation Paper elaborates on how the European Banking Authority (EBA) proceeded to fulfil the mandate, including summarising findings of the mapping exercise done by the EBA prior to developing the draft Guidelines.
In addition to the criteria, the Consultation Paper explains the EBA’s proposal to use a formula for the calculation of the minimum monetary amount of the PII or comparable guarantee; explains as to when and how the lowest tier should be used; provides details on indicators for the criteria set out in the PSD2, and explains the calculation method proposed for some of the indicators. The Consultation Paper ends with practical examples for the calculation of the minimum monetary amount of the professional indemnity insurance (PII)/comparable guarantee.
Responses to this consultation can be sent to the EBA by 30 November 2016.