Europe’s Revised Payment Services Directive Welcomed by MyBank
European Union (EU) law makers at the European Parliament (EP) and Council of Ministers have reached political consensus on a new EU Payment Services Directive, aka PSD2.
MyBank and parent PRETA SAS have welcomed the informal agreement reached by European legislators on the revised PSD2, which “is geared at boosting competition and innovation around payments while improving consumer protection across Europe.”
The informal agreement reached during the trilogue negotiations of the EP, the European Council and the European Commission (EC) last week has provided clarity to payment service providers, third party providers and payment solution suppliers alike on the future legislative framework for online payments and related services in particular.
MyBank, whose ultimate parent is EBA Clearing and which was launched in March 2013, added that its electronic authorisation (e-authorisation) solution has been designed to support payment service providers in their preparations for achieving compliance with the new requirements.
Coming into force in 2017, PSD2 regulates the use of payment initiation service provider (PISP), which will have to be regulated payment service providers (PSPs), by consumers to initiate payments or perform balance inquiries on their behalf. The institution holding the payment account of the consumer must be in a position to facilitate such requests.
“The PSD2 confirms the ‘raison d’être’ of the MyBank value proposition, which has in its DNA the components to build trust among the digital stakeholders in the EU,” said Giorgio Ferrero, chairman of PRETA – My Bank.
“By supporting PSPs in dealing with the new ‘Access to the Account’ requirements stipulated by the PSD2, MyBank helps to meet key demand side objectives in terms of security and convenience.”