New rules on contingency mechanisms for a dedicated interface

2019-09-13 | PSD 2 News Bank

New rules enter into force in the EU on 14 September 2019 on contingency mechanisms for a dedicated interface. Finansinspektionen would therefore like to provide the following information for firms under supervision.

In brief, the new rules require account servicing payment service providers offering a payer a payment account that is available online to have at least one interface that enables payment service users and third-party providers to identify themselves, authenticate transactions and exchange relevant information with one another in a secure manner.

The rules on contingency mechanisms for a dedicated interface are pursuant to Commission Delegated Regulation (EU) 2018/389. These technical standards are part of the implementation of the Second Payment Services Directive (Directive (EU) 2015/2366 of the European Parliament and of the Council).

Finansinspektionen assumes that account servicing payment providers will ensure that third-party providers have the access to the payment accounts required by the payment services regulatory framework. In other words, in a situation where there is no dedicated interface available, it is the responsibility of the account servicing payment provider to communicate how third-party suppliers can access the payment accounts.

If deficiencies are identified in the dedicated interface, they should be reported to Finansinspektionen.

Reporting problems with a dedicated interface

Account servicing payment service providers and payment initiation service providers or account information service providers must report to Finansinspektionen without undue delay any problems with a dedicated interface. This applies when the interface's function does not meet the requirements set out in Article 32, the interface suffers an unplanned operational interruption or a system collapse. An unplanned operational interruption or a system collapse may be assumed to have occurred when five consecutive requests for access to information with the objective of providing a payment initiation service or account information service are not answered within 30 seconds.

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