European Banking Authority Publishes Opinion on Transition to the Revised Payment Services Directive

The European Banking Authority has published an Opinion on the transition from the current Payment Services Directive to the revised Payment Services Directive, which takes effect from January 13, 2018.

Not all the provisions of PSD2 or technical standards and guidelines the EBA has been mandated to prepare under PSD2 will be applicable on January 13, 2018. This delay has led to a number of transitional issues that both market participants and national regulators have approached the EBA about. The Opinion provides clarification on the issues that have been raised and considers the implications for Payment Service Providers and national regulators of the delayed finalization and/or adoption of some of the technical standards and guidelines the EBA has been preparing under PSD2.

The Opinion sets out the rights and obligations of various types of PSPs during the "transitional" period between the application date of the PSD2 and the application date of technical standards and guidelines. The Opinion also clarifies the application of the EBA Guidelines on the security of internet payments under PSD1 during that period. Finally, the Opinion clarifies what support the EBA will provide to market participants after the application date of PSD2.

View the Opinion.