22 February 2021
The European Banking Authority (EBA) published today an Opinion on supervisory actions national competent authorities (NCAs) should take to ensure banks remove any remaining obstacles that prevent third party providers from accessing payment accounts, which restrict EU consumers’ choice of payment services. The Opinion will contribute to a level playing field across the EU and to a consistent application and supervision of relevant requirements under the Payment Services Directive (PSD2) and the EBA Regulatory Technical Standards on strong customer authentication and common and secure communication (RTS on SCA&CSC).
The Opinion sets out the EBA’s expectations on the actions NCAs should take to ensure that remaining obstacles are removed from the interfaces of account servicing payment service providers (ASPSPs). National authorities should first assess the progress made by ASPSPs in their respective jurisdictions and, in cases where obstacles have not been removed, they should take supervisory actions by 30 April 2021.
The EBA also expects that, in cases obstacles continue to exist following the said deadline, NCAs should take more effective supervisory measures to ensure compliance with the applicable law, including, but not limited to, by revoking exemptions from the contingency mechanism already granted to ASPSPs and/or by imposing fines.
The EBA issued the Opinion in accordance with Article 29(1)(a) of its Founding Regulation, which mandates the Authority to play an active role in building a common Union supervisory culture and consistent supervisory practices, as well as in ensuring uniform procedures and consistent approaches throughout the Union.
PSD2 applies since 13 January 2018. The Directive requires ASPSPs to establish the access interfaces through which third party providers can access the customers’ payment accounts in a secure manner. Article 32(3) of RTS on SCA&CSC, which is applicable since 13 September 2019, requires ASPSPs that have implemented a dedicated interface to ensure that the latter does not create obstacles to the provision of payment initiation and account information services. In an Opinion published on 4 June 2020, the EBA identified a number of practices that are obstacles to the provision of third party provider services under the PSD2, which are, therefore, a breach of law and that have to be removed by ASPSPs.