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The development of regulatory requirements for payment services: The European Banking Authority and the revised Payments Services Directive
Journal of Payments Strategy & Systems,
12
(2),
130-138
(2018)
Abstract
On 13th January 2018, the revised EU Payment Services Directive (PSD2) came into effect in the European Union with the aim inter alia of enhancing competition and facilitating innovation in payment services, by opening access to the payment accounts held by banks. The resultant opportunities for firms and consumers are immense, as have been the challenges for the regulatory authorities that tasked with supporting the objectives of PSD2 by developing a number of detailed regulatory requirements. As this process is drawing to a close, an opportune moment presents itself to take stock and provide an account of those challenges, as seen through the eyes of the European Banking Authority (EBA), and how the EBA decided to overcome them.
Keywords: payment services; regulation; supervision; European Union; account access; security
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Author's Biography
Dirk Haubrich is Head of Conduct, Payments and Consumers at the European Banking Authority (EBA). Dirk leads the EBA’s work on payment services, electronic money, payment accounts, mortgages, deposit guarantee schemes, and anti-money laundering, including monitoring the innovation of these activities. Previously, Dirk held roles across the private, academic and public sectors, with consulting firm Accenture, University College London, the University of Oxford, the UK Prime Minister’s Strategy Unit, the UK Electoral Commission and the UK Financial Conduct Authority. Dirk holds two Bachelor degrees in Business Studies, a Master’s in Politics and a PhD in Philosophy.
