The European Banking Authority (EBA) has officially repealed its guidelines on the security of internet payments under the former Payments Services Directive (PSD1).
According to the EBA, the now repealed guidelines were issued before the revised Payments Services Directive – PSD2 – came into existence in 2016 and have since then been superseded by the PSD2 and the EBA instruments developed in support of PSD2.
The EBA noted that it issued the prior guidelines in 2014 in order to provide details as to how provisions in the directive PSD1 – applicable at the time – should be interpreted for the purpose of enhancing payment services security, with a view to tackling these risks from the growing payments fraud occurring at the time.
In January 2016, however, the PSD2 was introduced, which detailed more specific requirements about the security of payments. The revised directive – fully applied in January 2018 – also mandated the EBA to develop several legal instruments, included the Technical Standards on strong customer authentication and common and secure communication.
The EBA concluded, “As the revised Directive and the related EBA instruments incorporate, and also go beyond, the requirements set out in these Guidelines, the EBA has decided to repeal them, and asked national competency authorities to take the corresponding steps that may be necessary at a national level.”
Earlier this year, the EBA published its draft on amended technical standards on the delivery of information for resolution planning reporting.
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