Should there be a PSD3 to really open the market?

eW blog article - Since PSD2 became effective in January 2018, the market has slowly started to act on it. We see that until now only a few banks have published their PSD2 APIs. The main reason for this slow take-up lies in the fact that the RTS (Regulatory Technical Standards), which determine how some of the PSD2 stipulations have to be interpreted, only become effective as of 14 September 2019.

Open banking requires enhanced security such as Strong Customer Authentication

eW blog article - In general, there are three factors to identify yourself when making an electronic payment: something that you know (such as a PIN code), something that you possess (such as a telephone) and something that you are (such as a physical characteristic). Under PSD2, the Regulatory Technical Standards (RTS) for Strong Customer Authentication (SCA) requires that one’s identity has to be verified by at least two of these three independent options in order to perform a payment. What is SCA and why is it necessary for banks to enhance their security?

eID and trust services play a key role in meeting regulatory obligations in the financial sector

eW blog article - The financial sector is keeping a close eye on the eIDAS Regulation: the tools it provides may allow to easily meet the legal obligations of sector-specific legislation such as the Payment Services Directive 2 (PSD2), the Anti-Money Laundering Directive 4 (AMLD 4) and its upcoming revision (AMLD 5) which is currently being negotiated by the EU co-legislators.

To reach full adoption, eID means must be trustworthy, seamless, cross-border and convenient

eW blog article - The higher the level of assurance of electronic identification means, the better they can serve as legal proof for verification of the identity of a person. Banks are in an ideal position to act as identity providers of eID means in line with the eIDAS regulation. In this blog, I speak with Andrea Servida, Head of Unit ‘eGovernment and Trust’ at DG CONNECT at the European Commission about the importance of trust and the position of banks in creating electronic identification means.