A new legislative package will significantly impact European businesses in the area of digital payments. EU legislators have decided to strongly emphasize payment security issues. The package will broaden the liability of financial institutions for online fraud (covering not only unauthorized transactions but also social engineering tactics such as spoofing). The procedure of strong customer authentication will also undergo significant changes in accordance with a risk-based approach, while PSPs will need to implement a new mandatory feature (Verification of Payee) to their services. The PSD3 directive will finally eliminate the distinction between payment institutions and e-money institutions, and all non-bank payment services providers will be subject to reauthorization.

In our Deloitte Legal CE webinar, we will discuss the new law covering in particular:

1. the interplay between payment services package and other EU laws in the payment services regulatory environment (including EMD2 and Instant Payment Regulation),

2. higher standards of liability imposed on banks and other PSPs by the PSR (including unauthorized transactions and other fraud),

3. strong customer authentication (including general rules and exemptions, accessibility requirements),

4. licensing and reauthorization for non-bank payment services providers (including envisaged transitional period for EMIs).