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European Banking Authority Regulatory Technical Standards (EBA RTS) on Strong Customer Authentication and Secure Communication

Payment Services Directive (PSD2) mandates the EBA to deliver Regulatory Technical Standards on strong customer authentication and secure communication for Third Party Providers to access customer accounts.

The EBA initially consulted in December 2015, and UK Cards, FFA UK and Payments UK submitted a joint response.

The EBA published a further consultation with the draft Regulatory Technical Standards (RTS) on 12 August 2016. The draft RTS would have been very restrictive on remote card payments and UK Cards submitted a joint response with Payments UK and FFA UK emphasising the adverse impact they would have on ecommerce.

On 23 February 2017, the EBA published its final draft RTS, which introduced a number of further exemptions from strong customer authentication, including the important Transaction Risk Analysis exemption, which allows issuers and acquirers to take a risk-based approach.

The RTS will apply 18 months after their adoption by the Commission as a delegated act and the expectation was that they would apply by November 2018. However, there is some indication that the Commission is not satisfied with the final RTS and may push for a redraft which would delay the RTS further.

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