PSD 2 & eDIAS EU Directives

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These two new EU directives could potentially help gateways to improve their offerings in terms of KYC and bridging between their gateways and their local european banks.

 

PSD2 – Disrupting Payments in Europe

 

Third party access to accounts (XS2A), the use of API’s to connect merchant and the bank directly and the ability to consolidate account information in 1 portal will undoubtedly disrupt payment services in Europe. Innovative companies will be eager to occupy this space and respond to consumer frustrations with existing incumbent providers. The challenge though, will be how consumers respond to new technology based providers and how these newcomers are able to meet the expectations of both the consumers and the European regulatory bodies. At the same time the newcomers must ensure the highest levels of security are implemented – after all they will potentially be handling YOUR payments and have access to YOUR account.

 

 

EIDAS - Digital Identity

 

The Regulation (EU) N°910/2014 on electronic identification and trust services for electronic transactions in the internal market (eIDAS Regulation) adopted on 23 July 2014 provides a predictable regulatory environment to enable secure and seamless electronic interactions between businesses, citizens and public authorities.

 

In this regard, the eIDAS Regulation:

 

ensures that people and businesses can use their own national electronic identification schemes (eIDs) to access public services in other EU countries where eIDs are available.

creates an European internal market for electronic trust services – namely electronic signatures, electronic seals, time stamp, electronic delivery service and website authentication – by ensuring that they will work across borders and have the same legal status as traditional paper based processes.