The European Banking Authority (EBA) has outlined its plans to develop requirements in line with proposed revisions to the Payment Services Directive (PSD) and the recently finalised Regulation on Interchange Fees.
Once PSD2 is agreed, the EBA will gather input from the industry to begin the regulatory development process. It will also develop technical standards relating to the Interchange Fee Regulation to ensure that payment card schemes and processing entities are independent from one another in terms of accounting, organisation and decision making processes.
What this means for you?
The EBA aims to harmonise regulatory and supervisory practices concerning payments across the EU. The industry's views on regulatory technical standards will be sought at an early stage, with the EBA planning to approach relevant market participants during the summer.