PSD2: EBA Consults On Strong Customer Authentication And Common And Secure Communication

On 12 August 2016 the European Banking Authority (EBA) published a Consultation Paper on draft regulatory technical standards on strong customer authentication and common and secure communication under the revised Payment Services Directive (EU) 2015/2366 (PSD2).

PSD 2 and EBA

PSD2 entered into force on 12 January 2016 and will replace the current Payment Services Directive (in force since 2007) as of 13 January 2018.

Under PSD 2, EBA has a role to develop (in close cooperation with the European Central Bank) a range of draft regulatory technical standards (RTS) specifying, amongst other, the requirements of strong customer authentication and the exceptions thereto.

Security of payments under PSD 2