On May 21, 2015 the European Banking Authority announced that it is preparing to develop requirements that will harmonise regulatory and supervisory practices to ensure secure, easy and efficient payment services across the EU by fulfilling mandates under the upcoming revised Payments Services Directive (PSD2) and the Interchange Fee Regulation. The EBA will be approaching the industry and other interested parties to gather their input at an early stage of the regulatory development process.

In summer 2015 the EBA will also develop Regulatory Technical Standards pursuant 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

Firms should keep abreast of announcements from the EBA and are advised to fully engage in the process of providing input at the relevant time.