25 April 2017
Visit EBAday.com

ECB backs European directive for e-payments

10 February 2014  |  1690 views  |  0 Source: European Central Bank

The European Central Bank (ECB) today published its legal opinion on a new directive regulating the development of the European Market for electronic payments, taking into account developments in e-commerce and the introduction of new solutions.

The opinion was issued at the request of the Council of the European Union and the European Parliament.

The ECB strongly supports the objectives and the content of the proposed directive, in particular, the proposal to broaden the list of services to include payment initiation services and account information services. In the ECB's view, this measure will support innovation and competition in retail payments.

Payment initiation services are those in which a third party provider initiates a payment at the request of the payer, typically in online purchases as an alternative to credit cards. Account information services are able to provide consolidated information on different accounts (in one or more banks) that might be held by one individual, helping to provide a comprehensive view of its financial situation.

In its opinion, the ECB makes a number of detailed suggestions to enhance the security of payment initiation and account information services. None of them should be seen as restricting the entry of new players into the market, which the ECB welcomes. The suggestions are designed to foster both security and competition. They also include a proposal to develop a common European standard, which should allow the industry to rely on safe ways to authenticate consumers. The development of the proposed new standard will require cooperation of all parties involved.

The ECB opinion will be published shortly in the Official Journal of the European Union. 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out morevisit dh.comVisit capgemini.com

Top topics

Most viewed Most shared
hands typing furiouslyDoes the Buck Stop with GameStop?
14842 views 0 | 3 tweets | 14 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11520 views comments | 31 tweets | 20 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
9740 views comments | 35 tweets | 38 linkedin
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
9524 views 0 | 7 tweets | 7 linkedin
Western Union and MoneyGram unveil Facebook Messenger bots; Mastercard and Amex pile inWestern Union and MoneyGram unveil Faceboo...
9012 views comments | 17 tweets | 17 linkedin

Featured job

to 120K base, £300K ote, stock options
London, UK

Find your next job