Payment Services

New Eurosystem framework for electronic payment instruments, schemes and arrangements (PISA)

The European Central Bank (ECB) has published the Eurosystem oversight framework for electronic payment instruments, schemes and arrangements (the PISA framework).

The ECB has also published:

• an exemption policy for the framework; and
• an assessment methodology for electronic payment instruments, schemes and arrangements, which complements the framework.

The new framework replaces the “Harmonised oversight approach and oversight standards for payment instruments” and all related oversight frameworks for cards, direct debits, credit transfers and the security objectives for e-money. In a press release, the ECB also confirmed that the framework will also cover crypto asset-related services, such as the acceptance of crypto-assets by merchants within a card payment scheme and the option to send, receive or pay with crypto-assets using an electronic wallet.

The new framework becomes applicable as of 15 November 2022 for schemes that are already subject to oversight by a Eurosystem central bank. Newly overseen schemes or arrangements should adhere to the PISA framework within one year, at the latest, of being informed that they fall within its scope.

EPC publishes 2021 report on payment threats and fraud trends

The European Payments Council (EPC) published on 6 December its 2021 report on payment threats and fraud trends (dated 24 November 2021).

This is the EPC’s annual trends report for 2021. The report provides an overview of the most important threats and other “fraud enablers” in the payments landscape, including social engineering and phishing, malware, Advanced Persistent Threats (APTs), (Distributed) Denial of Service ((D)DoS), botnets and monetisation channels. For each threat, an analysis is made on the impact and context and suggested controls and mitigations are described. An overview matrix listing the threats with the main controls and mitigation measures is also provided in Annex I.

EBA received call for advice

The EBA published a call for advice it has received from the European Commission on the review of the revised Payment Services Directive, together with the cover letter. The EBA is requested to gather evidence and provide advice on the application and impact of PSD2, including any benefits and challenges that may have arisen relating to the scope and definitions under PSD2, enforcement issues and cross-sectoral topics, and in other specified areas. The EBA is requested to deliver its advice to the Commission by 30 June 2022.