PSD2 enters into force, the new regulations that change the way of shopping online - La Provincia
Payment service providers should have migrated this Saturday towards solutions that allow compliance with the new regulations that require a reinforced authentication of the customer in electronic payments underthe new PSD2 regulations,although the Bank of Spain has granted a moratorium in view of the fact that many companies were not prepared.
This Saturday, September 14, all European payment service providers had to apply the new regulation, which aims to improve payment security and reduce fraud in the authentication process,establishing requirements for access to the application in a reinforced way, among others.
This is the PSD2 directive, which has as itsaim to promote transparency, innovation and greater security in payment services, as well as introducing new services or establishing additional security requirements in electronic payment transactions and access to accounts through the internet.
However, due to the complexity of the payment markets in the EU and the need to make changes that allow issuers to apply enhanced authentication, especially for the actors involved who do not have the status of payment service provider such as merchants electronic, the European Banking Authority (EBA) has accepted that national banking supervisors allow time forLimited dictionary for the application of the new standard.
The Bank of Spain has accepted this exception, but with the commitment to work exceptionally with payment service providers and other parties, including consumers and businesses. This flexibility is conditioned on the operators agreeing with the national monetary authority on their migration plans to execute them urgently.
The Spanish supervisor has not specified the additional time he will grant to the entities, but financial sources consulted by Europa Press have indicated that most of the sectors involved formally requested theBank of Spain a moratorium of 14 months for the entry into force of the standard.
However, there are many companies that have adapted to meet the deadline and have communicated to their customers via email that,From now on, you will need a verification code that will be sent to your mobile phone to access the application.
Similarly, when a new TPP (Third Party Provider) is registered, that is, a new external provider of online services, certain permissions can be configured, such asinitiation of payments, consultation of funds or reading.
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