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.

ECB publishes assessment guide for the security of Internet payments

Last week, the European central bank published the assessment guide for the security of Internet payments. The guide contains a list of the assessment questions that assists payment service providers with the implementation of the European requirements for the security of Internet payments. Payment Service Providers must demonstrate their compliance with these requirements by January 2015.

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ECB publishes assessment guide for the security of Internet paymentsRead More »

ECB publishes assessment guide for the security of Internet payments Read More »

European parliament votes for extended SEPA migration period

Yesterday the European parliament formally approved the European Commission proposal that allows Payment Service Providers six more months in which they may process payment transactions in euros in non-SEPA-formats. The regulation will apply retroactively from 31 January 2014.

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European parliament votes for extended SEPA migration periodRead More »

European parliament votes for extended SEPA migration period Read More »

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 »

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. …

EMA: position on the draft Payments Account DirectiveRead More »

EMA: position on the draft Payments Account Directive Read More »

Financial Conduct Authority to become utilities-style competition regulator for the payments industry

On October 9, HM Treasury announced that the Financial Conduct Authority will become the competition regulator for the payments industry. The reforms, which will be implemented via amendments to the Banking Reform Bill, seek to ensure that new players can access payment systems in a fair and transparent way, competing with them on a more level playing field.

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Financial Conduct Authority to become utilities-style competition regulator for the payments industryRead More »

Financial Conduct Authority to become utilities-style competition regulator for the payments industry Read More »