What has happened?

The final regulatory technical standards (RTS) on strong customer authentication under PSD2 have been published in the Official Journal of the EU.

What does this mean?

The RTS will apply from 14 September 2019.

However, the provisions which relate to the availability of documentation on the technical specifications of and testing facility for banks' dedicated interfaces will apply from 14 March 2019.

The text of the RTS remains the same as the November 2017 version containing the European Commission's compromise solution allowing third-party providers (TPPs) to use the interfaces made available to the customer (screen-scraping+) as part of a contingency mechanism if the banks' dedicated interfaces do not perform as required.

The final position will have substantive effects on both banks (and other account servicing payment service providers) and TPPs.

For more informtion on the final RTS, take a look at our more detailed commentary from last November.

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