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ESBG to MEPs: Take interests of consumers, industry participants into account

ESBG to MEPs: Take interests of consumers, industry participants into account



​When judging Commission's proposed RTS on Strong Customer Authentication


>> Read ESBG White Paper 



BRUSSELS, 20 October 2017 – ESBG has released a White Paper that addresses the Regulatory Technical Standard (RTS) on Strong Customer Authentication (SCA) and Common and Secure Communication (CSC) for the revised Payments Services Directive (PSD2) about to make its way towards legislative review in the European Parliament.

Distortion, complex interplay between PSD2, GDPR

The paper aims to summarize certain challenges identified in the discussions concerning the Commission’s current proposal presented in May for the RTS. It also underlines the complex interplay between PSD2 and the General Data Protection Regulation (GDPR), which if not considered jointly can potentially lower consumer protection, hinder the level of innovation and raise the risk of fraud and misuse.

Banks and APIs: Betting on progress

Banking communities are developing APIs that are safe and secure, and that protect the interests of consumers and industry participants when access is required to bank accounts. The industry is betting on these APIs to help the whole industry move forward, avoiding the creation of a different API by each bank and thus preventing TPPs from having to connect their user interfaces to APIs with diverse setups. This makes it even more pressing that policymakers should forego introducing exemptions and placing banks and consumers at risk just for the sake of a limited number of legacy players. In this way, a level playing field can be maintained. ESBG argues that banks that have provided APIs that are functioning properly should be exempted from any fall-back option based on an upgraded form of screen scraping that puts consumers at risk.

The ESBG paper also takes a swipe at the complexity between PSD2 and GDPR. 


>> Read ESBG White Paper 


Innovation; Innovation Hub; Payment services directive; European Institutions; European Supervisory Authorities (EBA-ESMA)