Published at the end of 2015, the EU’s Payment Services Directive (PSD2) came into force on 13 January 2018. This second directive compiles a set of measures aimed at strengthening the security of online payments, but also seeking to promote innovation, as well as competition between payment operators. Among the main provisions of this new directive are the Regulatory Technical Standards (RTS) concerning strong customer authentication for online payments, which came into force on 14 September 2019. However, given the vast complexity of the undertaking, the European Banking Authority (EBA) deemed it necessary to accord an additional period of 3 years for full compliance of authentication solutions. The deadline has thus been set at 31 December 2020, which will be supplemented by a review phase starting in the first quarter of 2021.
A look back at the key stages of this high-stakes regulation!
If you have any queries on how PSD2 & RTS will impact your business, and on how to prepare, you can book a meeting with one of our PSD2 expert by clicking on this link.
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