The Bank of Spain, be given more time to the service providers of payment to adapt to the requirements of the new regulation, PSD2 for electronic payments, which comes into force on the 14th of September, and that, among other things, it requires users to a double authentication of your identity.
One of the objectives of the Regulation Delegated (EU) 2018/389 is "to improve the security of payments and reducing fraud in the authentication process," recalls the Bank of Spain in a note sent on Wednesday.
Although all of the providers of payment services should comply with the new requirements before the 14th of September, l a European Banking Authority (EBA) recognizes the complexity of the payments market, and the need to make changes that allow issuers to apply that authentication enhanced. And, in particular, adds the note, those that affect the actors involved who do not have the status of payment service providers (PSPs), such as e-commerce.
For this reason, the EBA accepts that "exceptionally" the competent national authorities can work with the PSPs and other interested parties , including consumers and businesses, to grant an additional time "limited" that would allow issuers of payment instruments and acquirers of operations to migrate toward solutions that meet the authentication requirements.
This flexibility supervisor -whose extension is not mentioned in any moment - is conditioned to the payment service providers may agree with their respective national competent authorities the corresponding migration plans and run them "urgently".
The Bank of Spain, in the framework of such flexibility, is working with european authorities to ensure "proper enforcement of the Directive," adds the entity, which will review the migration plans submitted by the providers of payment services.Updated Date: 12 September 2019, 04:00