Publications and events

EMA response to the SecuRe Pay recommendations for the security of mobile payments

Last friday, we published our response to the draft recommendations for the security of mobile payments. These draft recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay. This is a group of EU supervisors that are working together to establish a harmonised EU/EEA-wide minimum level of security.

In our response we outlined the following issues:

  • A risk analysis is an appropriate basis for assessing the circumstances when strong authentication is required. A broader approach would take into account a range of factors.

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EMA response to the SecuRe Pay recommendations for the security of mobile paymentsRead More »

EMA response to the SecuRe Pay recommendations for the security of mobile payments Read More »

Strong customer authentication: a flexible approach

In July this year, the European Commission published a proposal for a revised Payment Services Directive (PSD). The proposal requires ‘strong customer authentication’ when someone makes an electronic payment transaction. This validates identity by at least two of the following factors: knowledge, possession and inherence. These are independent, in that the breach of one does not compromise the reliability of the others, and the process also protects the confidentiality of the authentication data.

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Strong customer authentication: a flexible approachRead More »

Strong customer authentication: a flexible approach Read More »

Chinese, French and Dutch regulators outline their positions on bitcoin

This week, a number of regulators have provided more insight into their stance on bitcoin, the digital exchange mechanism. In general, the view is that bitcoins are not regulated and anyone who chooses to use them for purposes of exchange bears a risk in doing so.

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Chinese, French and Dutch regulators outline their positions on bitcoinRead More »

Chinese, French and Dutch regulators outline their positions on bitcoin Read More »

ECB consultation on security requirements for the security of mobile payments (deadline: January 31, 2014)

Yesterday, the European Central Bank (ECB) released a draft version of the Recommendations for the security of mobile payments for public consultation. These recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay (the “Forum”). In the Forum all EU supervisors work together with the aim to foster the establishment of a harmonised EU/EEA-wide minimum level of security. The consultation follows two previous consultations on requirements with respect to the security of internet payments and on third party account access.

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ECB consultation on security requirements for the security of mobile payments (deadline: January 31, 2014)Read More »

ECB consultation on security requirements for the security of mobile payments (deadline: January 31, 2014) Read More »

EU Presidency compromise text on Payments Account Directive excludes online e-payment accounts providers

This week the Presidency of the European Union released a compromise text on the Payments Account Directive. It contains explicit wording that limits the scope, in order not to include payment services with a limited payment functionality. The present wording of Article 1.4 is:

This Directive shall apply to payment service providers located in the Union. Payment service providers that operate solely as online e-payment accounts providers are excluded from the scope of this directive.

We welcome this change in the scope as it is step forward in ensuring that this Directive does not unduly burden the providers of specific payment products.

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EU Presidency compromise text on Payments Account Directive excludes online e-payment accounts providersRead More »

EU Presidency compromise text on Payments Account Directive excludes online e-payment accounts providers Read More »

Speech of ECB Board Member Coeuré on European Retail Payments Policy

Benoît Coeuré, Member of the Executive Board of the ECB, today held a speech at a joint conference by the European Central Bank and the Banque de France, “Retail Payments at a Crossroads: Economics, Strategies and Future Policies”. Although this is a conference that focuses primarily on scientific research in the area of payments, his speech provides some insight into the policy issues that are now top-of-mind for the ECB.

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Speech of ECB Board Member Coeuré on European Retail Payments PolicyRead More »

Speech of ECB Board Member Coeuré on European Retail Payments Policy Read More »

IAMTN-GMTS London 2013

Global money transfer summit 2013,  29 – 30 October 2013, London, UK

Thaer Sabri, the EMA Chief Executive set out the changes that are proposed in the 4th Money Laundering Directive and Wire Transfer Regulation. He described the changes in the FATF Forty Recommendations and Guidance on New Payment Products and Services, that are reflected in the new text. He also provided a overview of the impact on payment service providers.

IAMTN-GMTS London 2013 Read More »