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At the end of July, the ACPR published its position on the EBA guidance of last June on the conditions for exemption from Payment Institution status in the context of a "limited network of acceptors" and/or "limited range of goods and services":
- The ACPR declares its compliance with the EBA guidelines, except for two provisions for which the ACPR does not have the legal framework to transpose them into French law
- The ACPR takes the opportunity to specify that the limited range of goods and services implies that they belong to a sufficiently precise problem and that the goods and services must be functionally related
- Similarly, the limited network of acceptors is generally structured by a common brand or close commercial relationship, but the ACPR remains vigilant on the geographical coverage and the maximum number of goods and services providers within the limited network
- Finally, the ACPR reminds that exempted companies are not subject to AML/CFT obligations and reaffirms its 2017 position by verifying, in the exemption declaration files, that a mechanism for protecting the funds of payment service users or electronic money holders is indeed implemented
For its part, in its response to the European Commission's consultation for a revision of the PSD2, the EBA presents its vision of the limits that prevent the PSD2 from achieving all of its objectives, and in particular that of creating a single payments area in Europe. This vision prefigures several structural orientations that could be retained by a future PSD3 :
- Review the definition of payment services (Appendix 1) by merging identical services (3 & 4 - execution of a payment transaction whether or not associated with a credit line) or by splitting services with different purposes (5 - issuing and acquiring) and specifying the specific approval conditions
- Define a framework for the activities of players who participate in payment services without being subject to approval (technical providers, white label service providers, payment service providers benefiting from an exclusion)
- Merge the concepts of Payment Institution and Electronic Money Institution according to the logic of "same activities, same risks, same rules".
- Harmonize accreditation processes between different national authorities to avoid distortions in interpretation
- Clarify liability rules and in particular the link (or not) between SCA and authorized transaction
- Define a common API standard to promote the appropriation and use of Open Banking
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