Archive | EMA publications

The EMA frequently responds to government and European consultations on regulation that impacts the e-money and payment services industry. Sometimes, we also express our views on issues that are raised in the public domain where we feel it is important to provide an industry input.

Our publications reflect the views of the EMA as whole; individual members’ views may vary from time to time. The public consultation responses are listed below. For further information on these positions, please contact us.

May 1, 2014

EU Parliament finalises vote on Payment Accounts Directive

On the 15th of April, European Parliament voted on the text for the Payment Accounts Directive. This concludes the legislative process in Brussels that started with a Directive proposal on the comparability of payment account fees, payment account switching and access to payment accounts.

The Directive lists a number of requirements with respect to using standardised terminology and facilitating account switching for all payment services providers. It also provides a regime, applicable to credit-institutions only, to ensure the proper provision of basic bank accounts in Member States.

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April 24, 2014

EMA response to call for inputs for the UK Payment Systems Regulator (PSR)

Last year, HM Treasury announced that the Financial Conduct Authority would set up the UK Payment Systems Regulator (PSR). Following the announcement, the FCA published a “call for inputs” consultation in March this year and organised a stakeholder conference. The EMA contributed to the consultation to assist the Payment Systems Regulator develop its regulatory approach and identify early priorities.

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April 11, 2014
March 28, 2014
March 21, 2014
February 19, 2014
February 12, 2014
February 5, 2014
February 3, 2014

EMA response to the SecuRe Pay recommendations for the security of mobile payments

Last friday, we published our response to the draft recommendations for the security of mobile payments. These draft recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay. This is a group of EU supervisors that are working together to establish a harmonised EU/EEA-wide minimum level of security.

In our response we outlined the following issues:

  • A risk analysis is an appropriate basis for assessing the circumstances when strong authentication is required. A broader approach would take into account a range of factors.

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December 20, 2013

Strong customer authentication: a flexible approach

In July this year, the European Commission published a proposal for a revised Payment Services Directive (PSD). The proposal requires ‘strong customer authentication’ when someone makes an electronic payment transaction. This validates identity by at least two of the following factors: knowledge, possession and inherence. These are independent, in that the breach of one does not compromise the reliability of the others, and the process also protects the confidentiality of the authentication data.

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