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EBA Mandates under PSD2 and Their Timelines

Core Content

The European Banking Authority (EBA) has been granted specific mandates under the Payment Services Directive 2 (PSD2), which aim to enhance the regulatory framework for payment services in the European Union. These mandates are designed to ensure consistency, transparency, and consumer protection across the financial sector.

Main Components of the Mandates

The EBA's mandates under PSD2 consist of the following key elements:

• Six Technical Standards: These are binding rules that all payment service providers (PSPs) must follow. They cover various aspects of payment services, including:

  • Payment service security
  • Transparency in payment services
  • Customer rights and obligations
  • Interoperability and standardization
  • Data protection and privacy
  • Risk management and supervision

• Five Sets of Guidelines: These are non-binding recommendations that provide further detail and guidance on the technical standards. They are intended to support the implementation of the directive and include:

  • Guidelines on the application of the technical standards
  • Guidelines on the supervision of payment service providers
  • Guidelines on the use of open banking and third-party providers
  • Guidelines on the handling of customer data
  • Guidelines on the reporting of payment service activities

• A Register: This is a central database that will be maintained by the EBA to track and monitor the activities of payment service providers. The register will include information on:

  • The scope of payment services offered
  • The types of payment instruments used
  • The risks associated with each service
  • The compliance status of each provider

Key Information

The mandates are part of the broader regulatory framework established by PSD2, which seeks to promote competition, innovation, and consumer protection in the payment services market. The EBA's role in this framework is to provide guidance, support, and oversight to ensure that all PSPs comply with the directive's requirements.

The implementation of these mandates is expected to take place over a specific timeline, which includes the following key phases:

1. Preparation Phase: This phase involves the EBA developing the technical standards and guidelines, as well as establishing the register. It is expected to take several months to complete.

2. Consultation Phase: During this phase, the EBA will consult with stakeholders, including PSPs, consumer groups, and regulatory bodies, to gather feedback on the proposed mandates. This phase is expected to last for a few months.

3. Finalization Phase: After the consultation phase, the EBA will finalize the technical standards and guidelines, and establish the register. This phase is expected to take a few more months.

4. Implementation Phase: This phase involves the actual implementation of the mandates by PSPs. It is expected to take several years to complete, as PSPs will need to adapt their systems and processes to comply with the new requirements.

Conclusion

The EBA's mandates under PSD2 are designed to ensure a consistent and transparent regulatory framework for payment services in the EU. They include six technical standards, five sets of guidelines, and a register, all of which are expected to be implemented over a multi-year timeline. These mandates are intended to promote competition, innovation, and consumer protection in the payment services market.