Banks and TPPs agree joint approach to PSD2
The European Credit Sector Associations (ECSAs), European Third Party Providers Association (ETPPA) and Financial Data and Technology Association (FDATA) have stated their commitment to making PSD2 a success, reports Jane Connolly.
A joint statement has been issued in which the parties outline the ways they intend to smooth the transition to the new security and communications standards of the revised payment services directive (PSD2), which come into force on 14 September 2019.
Among the commitments are various pledges related to communication and information, aiming to improve interactions between banks and TPPs in order to maximise the potential of the PSD2 framework.
The importance of business continuity of TPP-provided services for European consumers, merchants and corporates was stressed, along with the need for National Competent Authorities to use all possibilities open to them within the law to avoid unintended customer detriment.
The parties agreed to continue talking as the 14 September deadline approaches and maintain a small task force to monitor progress on a regular basis.
Relevant EU authorities, including DG FISMA and DG COMP of the European Commission and the European Banking Authority, oversaw the talks.
The ECSAs comprise the European Banking Federation, the European Association of Co-operative Banks and the European Savings and Retail Banking Group.