Online payment standards still face obstacles

Published 27.11.2017

The European Banking Federation notes that the European Commission on Monday adopted its regulatory and technical standards for the second EU Payment Services Directive, known as PSD2, designed to allow consumers to access more convenient and innovative payment solutions.

Considering client needs at a time when cybersecurity becomes increasingly important, banks fully support a safe online payments landscape in the EU Digital Single Market. Such a system needs to be based on an efficient and effective ecosystem of payment interfaces, known as APIs, so that online payments can be secure and that communication via the banks’ infrastructure between third-party service providers and clients can be reliable.

The EBF had asked EU policymakers to introduce the rules for PSD2 in such a way that privacy of client data and security of bank accounts both are fully respected. In its initial assessment of the adopted standards EBF notes as positive the recognition of the importance of APIs for the online payments landscape in the EU. APIs are the only secure and reliable way possible for letting competition unfold in the EU single market.

EBF notes the Commission said it will end the unsafe practice of screen scraping by third party service providers. EBF however does not consider the ‘fall-back’ solution adopted by the Commission as a practicable. The criteria that would trigger the fall-back appear to be incompatible with operational reality. This solution also does not ascertain that the information accessed by the third-party provider is limited to what is needed for execution of the service they provide.

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