The EBA consults on strong customer authentication under 2nd Payment Services Directive

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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.

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Cap on EU Interchange fees – New Regulation published

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On 19 May 2015, the European Union has taken the last step towards capped interchange fees for card-based payment transactions by publishing Regulation (EU) 2015/751. The Regulation follows a number of antitrust investigations into MasterCard’s and Visa’s multilateral inter-change fee (MIF) by the European Commission and national competition authorities (such as in Germany, France, UK, Italy and Poland).

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Application in UK of EBA Guidelines on Security of Internet Payments

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On 2 April 2015, the FCA published a statement on its website as follows:

Security of Internet Payments – EBA Guidelines

The European Banking Authority (EBA) has published its final Guidelines on the Security of Internet Payments. We are fully supportive of the objectives behind the Guidelines and agree with the importance of consumers being protected against fraud when making payments online. Ensuring the security of payments and the protection of sensitive customer data is a critical part of the infrastructure of robust payment systems.

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Consultation launched on the security of internet payments

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The European Banking Authority (‘EBA’) published a consultation paper in October on the implementation of its Guidelines on the security of internet payments, developed in conjunction with the European Central Bank (‘ECB’), with the basis of much of the Guidelines stemming from recommendations put forward by the European Forum for the Security of Retail Payments. Dr. Matthias Terlau and Dr. Daniel Walter of Osborne Clarke discuss what is expected of payment service providers in the context of the proposed Guidelines.

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BITKOM's position paper on the recent EBA consultation regarding internet payment security

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The German Association for Information Technology, Telecommunications and New Media (BITKOM) published a position paper on the consultation for the security of internet payments. In the statement BITKOM comments on the consultations of the EBA.

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