More work is needed to iron out concerns regarding the revised Payments Services Directive (PSD2), with several areas of concern highlighted in a survey published by the European Banking Association (EBA).
The survey was conducted by the EBA Task Force on PSD2 Impact Areas. A total of 45 EBA members from 18 EU countries replied. The results highlight the key PSD2-related impact areas, practical issues and open questions for account-servicing payment service providers (AS-PSPs). It notes that PSD2 marks the beginning of a major period of change in the European payments industry.
Here are some key findings from the survey:
1. Impact on compliance and strategy
The majority of respondents agree that PSD2 will have a significant impact on AS-PSPs both from a compliance and strategic perspective.
2. Main impacts of PSD2
Five of the top impact areas according to the survey were as follows - with 90 per cent of survey respondents saying that liability rules and considerations for different parties will have a considerable impact on PSPs.
3. Other keys areas of concern
Several areas of concern were also highlighted by the survey, including:
- diverging reporting requirements;
- the need for clear mechanisms for AS-PSPs and TPPs in case of disputes, risk management and in incident reporting to competent authorities and the provision of statistical data on fraud;
- the need to define how reporting should be implemented in detail;
- the need for information exchange between authorities;
- potentially contradicting instructions on how to resolve reported incidents.
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