|
|
The EBF has responded to the European Commission’s targeted consultation on PSD2.
The EBF response notes that overall, PSD2 has contributed to increasing levels of innovation, competition and security, consistent with the objectives of the Directive. Elements such as Strong Customer Authentication (SCA) measures and regulating Third Party Provider (TPP) access to payment accounts are welcomed as overall positive developments in the payments landscape.
Yet, as it might be too early to comprehensively gauge the impact PSD2 has had on the market, any change to the Directive should be based on further assessment on a number of areas, keeping regulatory consistency as a core principle. Importantly, for TPP access to payment accounts, the PSD2 review should seek to set a more balanced distribution of value and risk.
As the payments landscape is constantly evolving, only a holistic assessment of actual market developments and of the different market actors will be able to bring about a well-balanced and innovative framework under a possible PSD2 review.