psd2 regulation pdf


The PSD2 clarifies liability issues between the bank holding the account and the payment initiation service provider. The PSD2 Directive, the Act amending the Act on Payment Services as well as related acts of law (including, in particular, the Commission Delegated Regulation (EU) 2018/389 of 27 November 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for strong customer authentication and common and secure open … Member States must ensure that account-servicing payment service providers are not blocking or obstructing the use of payment initiation and account information services for the accounts they hold. Customer authentication is a process whereby the identity of the user of a payment service is validated. These elements are independent (the breach of one element does not compromise the reliability of the others) and designed in such a way as to protect the confidentiality of the authentication data. In other cases of lost or stolen payment instruments (e.g. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. If the payment initiation service provider is liable for the unauthorised payment transaction, it must immediately compensate the account-servicing payment service provider. Browse the ECB’s reports, publications and research papers and filter them by date or activity. Navigation Path: Home›Payments & Markets›News & events›MIP Online›2018›The revised Payment Services Directive (PSD2). In case of an unauthorised payment transaction initiated through a payment initiation service provider, the account-servicing payment service provider must refund the payment service user. M AX €€€ Who's who in the new PSD2 world? Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. Payment users have an eight-week unconditional refund right for direct debits in euro. There are, however, exemptions from the requirement to have strong customer authentication. The PSD2 opens up the EU payments market to third-party payment service providers offering services based on access to information from the payment account. The PSD2 prohibits merchants from charging consumers additional fees for specified payment methods. Nevertheless, in the interest of their own security, all payment service providers are strongly encouraged to fulfil the requirements of the regulatory technical standards as soon as possible. It authorises the relevant authorities to monitor and supervise their activities. the card or an authentication code generating device) and (iii) inherence (something the user is, e.g. Discover more about working at the ECB and apply for vacancies. Thus, there is a transition period during which payment service providers can already provide their services under the PSD2, but are not yet legally required to implement the respective security measures. The PSD2 sets out strict security requirements for electronic payments and the protection of consumers’ financial data. a lost wallet), the payment service user can be held liable for a maximum of €50, provided he/she fulfilled the obligation to notify the payment service provider and did not act in a grossly negligent or fraudulent manner. data breaches, hacking attacks, copied payment cards). In particular, the PSD2 covers the following three types of services: 1. payment initiation services, which help consumers make online payments and inform the merchant immediately of the payment initiation, allowing for the immediate dispatch of goods or immediate acce… Account-servicing payment service providers cannot deny access to the accounts they hold unless the third-party payment service provider is unauthorised or if there is a suspicion of fraud. With PSD2, these institutions will be registered and supervised to enhance customer protection. Discover euro banknotes and their security features and find out more about the euro. PSD2 Guidance: Regulation 71(8) Reporting Scenarios 23. Can be either natural or legal persons. The three documents were developed by the European Banking Authority in close cooperation with the ECB and payment service providers must comply with all of them. This includes, in particular: The PSD2 opens up the EU payments market to third-party payment service providers offering services based on access to information from the payment account. 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