Now that PSD2 has been finalised and, in most cases, needs to be implemented into the law of member states by January 2018, the EBA has commenced its consultation process.  This includes consultations on (i) strong customer authentication (SCA) and secure communication and (ii) passporting under PSD2. 

What this means for you

PSD2 has conferred 11 mandates on the EBA, of which five are guidelines and six are technical standards.  This includes technical standards on SCA and secure communication and passporting (as mentioned above). Such standards will be published in both cases in summer 2016. In order to shape the technical standards the EBA produces, it is extremely important that you respond to the EBA’s consultations and engage with the guidelines/technical standards when they are issued.