The European Banking Authority (‘EBA’) published on 12 August 2016 its consultation paper ‘On the draft Regulatory Technical Standards (‘RTS’) specifying the requirements on strong customer authentication and common and secure communication under PSD2’ (‘Consultation Paper’), which outlines the EBA’s draft RTS on this matter as required under Article 98 of the Second Payment Services Directive (‘PSD2’). These RTS could have a great impact on the payments industry. Dr Matthias Terlau, Partner and Head of the Banking & Capital Markets Practise Group at Osborne Clarke in Germany, discusses the Consultation Paper and some of the more controversial rules and remarks put forward by the EBA.
The EBA consults on strong customer authentication under 2nd Payment Services Directive
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