Archive | EMA publications

The EMA frequently responds to government and European consultations on regulation that impacts the e-money and payment services industry. Sometimes, we also express our views on issues that are raised in the public domain where we feel it is important to provide an industry input.

Our publications reflect the views of the EMA as whole; individual members’ views may vary from time to time. The public consultation responses are listed below. For further information on these positions, please contact us.

December 20, 2013

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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December 6, 2013
November 21, 2013

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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November 4, 2013

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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October 21, 2013

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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October 15, 2013

EMA: position on the draft Payments Account Directive

In may 2013, the European Commission published a legislative proposal on Payments Accounts. The proposal stipulates requirements for all Payment Services Providers and Member States with respect to:

  • Comparability of payment account fees
  • Payment account switching
  • Access to payment accounts

The Electronic Money Association has responded to the Payments Account Directive by proposing that a distinction be made between those companies that offer specialised payment, card- or e-money accounts for specific services as opposed to the full-service bank deposit accounts that include direct debits, standing orders etc. Continue Reading →

October 10, 2013
September 25, 2013
September 2, 2013
July 27, 2013