It has taken less than a decade to transform the entire retail payments to come together on Digital platforms. However, given the expansion of the retail payments industry and innovation, it is vital to have systems that are reliable and secure. The creation of the Single Euro Payments Area (SEPA) was one of these initiatives. It is an EU public authorities’ integration initiative in the area of electronic euro payments, that had paved the way for 34 countries to make cashless euro payments to anyone located anywhere in the area, using a single bank account and a single set of payment instruments.
Similarly, the ultimate regulator of the European Union’s financial and banking industry The European Banking Authority (EBA) proposed Regulatory Technical Standards (RTS) on strong customer authentication and secures communication. It is identified as one of the key implementations to enhance consumer protection, promote innovation and improve the security of payment services across the European Union.
On 23 February 2017, the EBA published the final draft of the Regulatory Technical Standards (RTS) on strong customer authentication and secure communication under PSD2 (the revised Payment Services Directive). The final draft RTS set out a harmonized framework for cooperation and exchange of information between Competent Authorities to facilitate cross-border provision of payment services in the Europian Union’s internal market. They also address some of the concerns that had been raised by the industry during the consultation period.
Giving support to professionals in the payment industry to learn more about this new regulation, GLC Europe, is organizing an event in Vienna on 14th & 15th September 2017. Over 100 speakers from the Payments industry will debate the future of Europe’s Payments Industry and the topics such as Regulatory Technical Standards (RTS) on strong customer authentication at this event titled ‘InnoPay 2017’. Participants who join us in Vienna for ‘InnoPay 2017’ will be able to gain a better understanding on RTS on stronger customer authentication and how it is creating a safer and secure retail payment landscape.