European authorities were present in Bucharest to provide details of the revised directive for payment services which will come into force from January 13, 2018 (just over eight months). Among these authorities were Ecommerce Europe whose message focused on the alignment specified in the legislative act to market realities.
Statement by Ecommerce Europe on the PSD2 and the ongoing RTS on Strong Customer Authentication
“Ecommerce Europe, the European association representing the European e-commerce sector, welcomes the Payment Services Directive 2 and its objectives of promoting an open, innovative and safe European electronic payments landscape. Ecommerce Europe therefore acknowledges the crucial importance of the European Banking Authority’s RTS on Strong Customer Authentication to the success of the European e-commerce sector.
Although a critical step has been taken through the exemption for Transactional Risk-based assessment, the currently prescribed conditions for the application of Transactional Risk-based assessment are not in line with market realities and online merchants’ business models. Ecommerce Europe calls on European legislators to amend the draft RTS to revise the Reference Fraud Rates in line with SEPA-area fraud levels and to accommodate for the payee to have equal decision making powers on the application of Transactional Risk-based assessment.”
At the conference were also present fintech companies, integrators and card processing centres who have emphasised the importance of the PSD2 in changing the business model, which will become more „open banking” approach.
Statement by SIA
“Instant Payments will drive new use cases in the Open API environment, where Third Party Payments service providers will have access to the bank accounts and will be able to initiate payments on behalf of their customers. SIA is fully committed to support the Instant Payments adoption through its industry-leading expertise and with its Payments Hub, an integrated solution covering the entire value chain: from the front-end to transaction processing up to secure and ultrafast network connections to access clearing platforms and manage messaging services based on low latency technologies” says Antonella Vanara, International Division Account Manager Expert at SIA.
Statement by TOKEN
„Token is delighted to have the opportunity to present today in Romania. Token is developing a global open banking ecosystem based on an open and secure payments and information API. The Central European region is a market we would like to work more within to enable banks to leverage PSD2.” says Marten Nelson – Co founder and VP of Marketing Token.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
