UK Payments Council: ECB payment security standards should mandate sharing of risk information

The Payments Council mentions that banks, credit card companies, regulators and all providers of payment services, including third-party providers (TPPs), should be obliged to share information with one another about security risks they encounter in relation to payment systems.

The industry body, whose members consist of financial services institutions operating in the UK, including Lloyds TSB, RBS and HSBC, has also said that it should be mandatory for all parties to coordinate in responding to security incidents, with the responsibilities divided up between access service (AS) PSPs and providers of payment account access services (PAAS). However, the UK Payments Council has declared that it backs the ECBs recommendations.

The ECB recommendations are aimed at governance authorities of payment schemes and all payment service providers (PSPs) such as internet card payments, including virtual card payments, as well as the registration of card payment data for use in wallet solutions, the execution of credit transfers on the internet, the issuance and amendment of direct debit electronic mandates and transfers of electronic money between two e-money accounts via the internet.