Banks and TPPs agree on PSD2 transition

Several European associations representing banks and third party providers (TPPs) have released a joint statement agreeing on joint efforts regarding the transition to EU new payment rules.

Responding to recent updates from EU authorities regarding the 14 September deadline for the revised payments services directive (PSD2), the European Credit Sector Associations (ECSAs) and TPP associations have pledged to improve their interactions regarding the implementation of the new standards.

Last month, the Financial Conduct Authority responded to the European Banking Authority’s (EBA) opinion on Strong Customer Authentication (SCA), agreeing that some firms will be given extra time to implement the rules.

Earlier this month, the EPSM, a trade association for European payments services providers, called for an 18 month delay to SCA rules in order to prevent significant disruption to online and digital businesses.

The European Banking Federation (EBF), European Association of Co-operative Banks (EACB) and the European Savings and Retail Banking Group (ESBG) - known collectively as the ECSAs - have joined up with the European Third Party Providers Association (ETPPA) and the Financial Data and Technology Association (FDATA) to “reasserted their full commitment to the objectives of PSD2 which will create a more secure, innovative and competitive payments landscape with stronger consumer protection”.

On 10 July, the European Commission organised a joint workshop at which staff from EBA were present as observers. “Arguments were exchanged by ASPSPs and TPPs,” according to the statement, and “it was agreed that a small task force would endeavour to draw up a ‘gentlemen’s agreement’ that might possibly address some of the issues”.

The parties agreed to call upon the TPP’s representative associations to call upon their memberships to intensify testing the Application Programming Interfaces (APIs) that are currently available in developer portals and provide relevant feedback.

Both parties also called on the National Competent Authorities to use the possibilities given to them within the law to the maximum extent possible to help avoid unintended customer detriment.

They also agreed to call upon the relevant authorities to consider urgently the legal possibilities to solve the unintended consequences of 90 day SCA renewal, taking into account other stakeholder’s views.

Ralf Ohlhausen, executive advisor at PPRO and vice chairman of ETPPA, said: "I am really glad we managed to strengthen the dialogue between ourselves and the banks, and were able to agree some very important points.

“In particular, the joint understanding that the regulators in each country are now playing the key role and that altogether we must ensure that contingency measures are in place to avoid any customer detriments come 14 September.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.

Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.