In May 2022, the European Commission launched a consultation on the review of Payment Services Directive, where the main goal is to assess the effectiveness, efficiency, coherence, relevance and EU–added value of the Directive (aka PSD2).

The ABBL has worked with its members on a common response to the EC and also provided comments to the European Banking Federation. Here are the key points.

The ABBL concluded that the PSD2 main objectives have been globally reached: greater consumer protection, more innovation, competition enhancement, decrease in fraud level. Nevertheless, the actors have encountered certain difficulties with PSD2 implementation, such as:

  • dealing with multiplicity of texts with different timetables
  • differences in interpretation of PSD2 in EU countries
  • implementation of SCA and APIs

Also, generally, the investments required to comply with PSD2 were not proportional to its benefits. The members are in favour of more guidance for technical accessibility in order to easier the connection of TPPs to multiple banks and more guidance on SCA, without significant changes to be made to the existing text though.

To conclude, the PSD2 brought more safety, security and innovation in payments sector but resulted in significant investment for the banks without concrete business case behind.

The ABBL thanks its members, and in particular its PSD2 Task Force, for their contribution to the debate. The ABBL will follow the subject closely and will keep its members informed about the next steps.

By Galina Miroshnichenko - Payements & Digital Banking Adviser