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EBF STATEMENT – FOR IMMEDIATE RELEASE

EBF statement on EU Commision position on EB RTS for PSD2

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EBF underlines importance of privacy and security under PSD2.

In the context of the second EU Payment Services Directive (PSD2) the European Banking Federation would like to underline that banks in the European Union fully support the creation of an efficient and effective EU ecosystem of interoperable interfaces for secure and reliable communication via the banks’ infrastructure between third-party payment service providers, known as TPPs, and clients.

Customers expect banks to protect their personal data. Data protection is at the core of trust in financial institutions. That is why the EBF, taking note of the European Commission’s response to the European Banking Authority (EBA) on its regulatory and technical standards for strong customer authentication under PSD2, would like to reiterate its concerns over the consequences of the amendment proposed by the European Commission.

Even though TPPs would have to identify themselves towards banks, they would still have access, at minima, to all the balances of all the accounts held by clients when clients pay on the internet through the existing practice known as ‘screen scraping’. The privacy of client data, cybersecurity and innovation are all at risk if ‘screen-scraping’ is allowed to continue once PSD2 enters into force next year. Clients must be able to choose which account data they want to share with payment service providers and which not. When a TPP accesses consumer accounts via ‘screen scraping’ services, even when identifying themselves to a bank, consumers are still not able to contain this TPP access to their account information, thus endangering the privacy of their data.

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