These technical standards will ensure appropriate levels of security, while at the same time maintaining fair competition between all payment service providers.
The PSD2 has conferred 11 mandates on the EBA, one of which relates to the development, in close cooperation with the European Central Bank (ECB), of draft Regulatory Technical Standards (RTS) on strong customer authentication and secure and common communications.
In order to receive early input into this work, the EBA published a Discussion Paper in December 2015, which received 118 responses. The resulting RTS set out a harmonised framework aimed at ensuring an appropriate level of security for consumers, as well as Payment Service Providers (PSPs).
The RTS propose the adoption of effective and risk-based requirements, which will secure and maintain fair competition among all PSPs, and allow for the development of user-friendly, accessible and innovative means of payment.
The requirements cover strengthened customer authentication, enhanced protection of users security credentials and common and secure open standards for communications between the various types of providers in the payments sector.
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