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07 november 2018

PSD2 and security issues

Memo n° 8 - The French Banking Federation has published a memo on the Payment Services Directive PSD2 and the issues of security for customer data and payment systems.


The Payment Services Directive (PSD2), which will apply from 13 January 2018, provides access to customer payment account data free of charge, as part of two new activities: account aggregation and payment initiation service. It has two ambitions : to encourage innovation in a competitive European payments market and to strengthen payment security and customer protection.

The French Banking Federation (FBF) welcomes the European Commission's publication ( 11/27/17) of regulatory technical standards (RTS) for the Payment Services Directive PSD2. They are now pending ratification by the European Parliament and Council.

By requiring account aggregators and payment initiators to use standardised, open and secure application programming interfaces (APIs) when accessing accounts in the EU the Commission has put security first. The FBF has always supported the APIs, the only solutions guaranteeing real security in the current environment of increasing cyberattacks.

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