EBA consultation on draft RTS

The European Banking Authority (EBA) has launched a consultation on draft regulatory technical standards (RTS) under the recast Payment Services Directive (2015/2366 – PSD2). The draft RTS have been prepared following a discussion paper published in December 2015 and relate to 11 mandates conferred on the EBA to develop technical standards in cooperation with the European Central Bank (ECB).

The draft RTS relate to requirements for:

• strong customer authentication (SCA) and applicable exemptions;
• security measures for the confidentiality and integrity of payment service users' (PSU) personalised security credentials; and
• common and secure open standards of communication between the functions of account servicing payment service provider (ASPSP), Payment Initiation Service (PIS) provider, Account Information Service (AIS) provider, payer, payee and other payment service providers (PSPs).

The draft RTS are intended to ensure appropriate levels of security while at the same time maintaining fair competition among PSPs, as well as allowing the development of user-friendly, accessible and innovation payment services.

Comments on the consultation are due by 12 October 2016.