EBA


No EC love for European banks’ screen scraping ban plan

The European Banking Federation’s (EBF) call for the European Commission (EC) to help on a screen scraping ban is not going well. As reported last week, the EBF wants the ban due to concerns over the privacy of client data, cybersecurity and innovation. It wants the EC not to dismiss a key recommendation made by […]

Fintechs blast banks over PSD2 direct access angst

A group of fintech companies and associations are asking for changes to the second Payment Services Directive (PSD2) due to fears it will force them to become technologically dependent on banks. The coalition of 60 European Union (EU) based entities have signed a seven-page manifesto seeking the European Commission (EC) to make changes to the […]

PSD2 and the future of payments

Banks need to do more than just comply with the upcoming revised Directive on Payment Services (PSD2). To survive, banks will need to embrace these changes.

The European Banking Authority favours arbitrary box-ticking over data innovation

The European Banking Authority (EBA) recently proposed new rules that would require payment card operators to enforce additional security measures, such as passwords or security tokens, for all online transactions over €10, aimed at fraud prevention. This is a clumsy solution to a problem that is already being addressed by far more sophisticated means, argues Nick Wallace, senior policy analyst at Centre for Data Innovation, and policymakers should reject the EBA’s proposal.

Shedding light on shadow banking reporting

We take a look at the new EU reporting requirements for managing exposure to shadow banking. There are plenty of challenges ahead, not least for the systems that will need to be updated to ensure that firms are able to adequately cope with the new guidelines.

MyBank seeks participants for Identity Verification Service pilot

MyBank is looking for participants in a pilot phase for its Identity Verification Service to Payment Service Providers and service providers. The pilot will start in mid-November 2015 and run until February 2016. The aim of the pilot is to test the MyBank Identity Verification to ensure reliability, security and the usability of the solution.

Harmonisation of ISO 20022 is crucial – but who should be in charge?

It seems not a day goes by without seeing those three little letters and five numbers – ISO 20022 – appearing in headlines or articles. But hang on a minute, what’s all the commotion about? It’s just another message format that I need to make sure my systems can handle, right?

Pan-European Instant Payment Forum kicks off in Frankfurt

The inaugural meeting of the Open Forum on Pan-European Instant Payments drew 77 representatives from 55 payment service providers, technology providers and other stakeholders to Frankfurt this week to kick off discussions about requirements and collaboration on infrastructure services to support instant payments at a pan- European level.

The e-invoicing play for banks

The replacement of business processes based on paper documents with the exchange of information in electronic form is a highly beneficial global trend, and the competitiveness of Europe’s economic activity will benefit from this migration.

The Future of Payments: towards a vision for 2020

While the payments landscape has evolved rapidly over the past decade, due to a flurry of innovation and regulation, expansive growth in electronic payments and the inclusion of new market entrants, industry research indicates that the next decade will be a period of even faster changes.

LEI update: hidden costs prevent enthusiastic take-up

Until the world has a definitive Legal Entity Identifier, we are going to have to recognise that piecemeal adoption brings with it significant hidden costs in validating, enriching and mapping for regulatory purposes. If the total number of registered market participants is meant to include all the corporates that trade FX forwards, we are far short.

The battle for benchmarks: divisions in the ranks?

With lots of different regulatory benchmark efforts now underway, the industry could be forgiven for not taking a common stance. With IOSCO issuing final principles, ESMA and the EBA are simultaneously consulting on a European set of principles. Meanwhile the UK is moving ahead with its own reforms.

March deadline for code to tackle fixing of interbank lending rates

European regulators have until March to impose a code of conduct on banks contributing to the creation of the Euribor interbank lending rate benchmark. The deadline is included in recommendations published by the European Securities and Markets Authority and the European Banking Authority following their joint work on benchmark rate-setting processes in the wake of the Barclays Libor scandal and other rate-fixing revelations.