While adhering to the risk-based approach, which gives individual banks more freedom to estimate their possible losses and manage their own risks, the Bank of Greece considers that the supervisory authorities should always be alert (not to say, vigilant) and, when necessary, not only adjust the capital requirements of individual banks, but also periodically test the internal control mechanisms and risk management systems, in the context of Pillar III.
Building on what I mentioned earlier, customers must be able to easily initiate an instant payment from an online shopping environment and the merchant must instantly receive confirmation that the payment has been executed. The revised Payment Services Directive (PSD2) provides a stable legislative framework for such services and aims to foster innovation and competition in this field.