We decipher for you various publications on the subject of payments. Let's focus today on the regulatory field.
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We decipher for you various publications on the subject of payments. Let's focus today on the regulatory field.
The European Parliament ratifies the proposed regulation on instant credit transfers.
Under discussion since 2022, making them compulsory for all payment service providers throughout the European Union, for both sending and receiving. The legislator is taking advantage of this regulation to anticipate future developments under PSD2, by requiring PSPs to verify, free of charge, that the beneficiary's name and the IBAN of the payment account match, prior to executing a transfer order. It also offers PEs and EMEs, provided they can demonstrate robust governance and internal control measures, the possibility of requesting direct access to payment systems, which was previously forbidden and limited their payment service offerings. These regulatory changes will be phased in between 2025 and 2027.
The EPC is consulting the market on a draft "beneficiary verification" scheme.
This echoes the obligation just included in the regulation on instant transfers. In particular, the EPC is proposing the implementation of a routing and verification role to enable interoperability between the PSP of the payer (requester) and the PSP of the payee (respondent).
Open banking players also intend to make their voice heard in discussions on the evolution of PSD2.
Five TPPs (Third Party Providers) operating in France have commissioned an external firm to compare the different user journeys for payment initiation and account aggregation services, and identify issues - mainly inherent to strong authentication and API availability. In particular, the study points to a high failure rate for payment initiation. It also aims to share best practices and recommendations that could be incorporated into the revision of current regulations.
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