The last few years have seen the emergence of new third-party providers (TPPs) offering payment initiation and/or account information services at the front end of the value chain. Level 2 measures on strong customer authentication and secure communication have been developed by the European Banking Authority (EBA). These aim to provide the necessary safeguards for ensuring the security of payment services.
The review of the Regulatory Technical Standards submitted by the EBA to the European Commission (EC) is currently under way. By the end of this month, the EC will decide whether or not to accept them or request amendments before submitting the revisions to the European Parliament and the Council for adoption.