Nets know-how help form new payment standards

 

​​​​​​​​Nets, Equens and Vocalink have joined forces and produced a whitepaper describing some of the practical issues regarding third party access to payment services, which is a part of the new Payment Service Directive.

All payment services in EU must follow the same set of rules and the provider of these services must all adhere to the obligations put forward in the payment directive. The past few years a number of new payment services that have been introduced as alternatives to the traditional way of making payments have emerged. The rapid technological changes in the payment landscape forces the legislators to make a revision to the current Payment Service Directive (PSD).

"Nets is a payment processer and we have solid experience in facilitating the cards' payment ecosystem. We recognize that we must be involved in the coming work of realising the legislative intend behind the new PSD", says Lars Lolk Hauge from Payment Services in Nets. He continues: "Together with experts from Equens and VocaLink we have produced an opinion paper (white paper) describing the practical issues regarding third party access to payment services. This paper is the first milestone and together we are working towards making an open framework which specifies a set of "access to account"-related services in extension to PSD2 compliance requirements".

Next step is to discuss the opinion paper with the industry, and to present it to the European Banking Authority and other regulators, as input for their further development of the PSD2 Regulatory Technical Standards. The new version of the Payment Service Directive, in short called PSD2, was released 2 June 2015. The final adoption of PSD2 is expected to happen around September 2015.

 
Download white paper

 

You can download the white paper here