The European Digital Payments Industry Alliance (EDPIA) welcomes the opportunity to provide its members’ views to the European Commission consultation on the review of the payments services Directive (PSD2), which closed in July 2022.
EDPIA believes that under a review of the PSD2, it is essential to address the current fragmentation in security rules, particularly strong customer authentication (SCA) rules, and ensure that regulators use innovative technology to fight crime.
Based on our experience with PSD2 and measures implemented in other jurisdictions, EDPIA believes in the introduction of effective governance measures, including a powerful governance body with a flexible mandate to oversee the development of an open banking framework, in addition to providing sustainable incentives for industry stakeholders.
EDPIA argues that access to infrastructure is essential to create a level playing field between banks and non-banks, and to encourage the uptake of instant payment solutions, but that regulatory intervention to open private infrastructure should only be considered in exceptional circumstances.
As a representative of independent payments service providers headquartered in Europe, EDPIA looks forward to further engagements with the European Commission as the potential review of PSD2 takes shape.