A Payments UK spokesperson said: 

“Payments UK welcomes today’s publication of the Regulatory Technical Standards (RTS) on strong customer authentication and common and secure communication by the European Banking Authority (EBA). This marks a significant milestone in the process of implementing PSD2 in a way that provides the best possible outcome for customers and the industry.

“Security and authentication are highly complex and are constantly developing – we therefore welcome the EBA taking note of industry concerns on a number of areas in the RTS to ensure that the payments industry can remain dynamic and responsive to customer needs in this regard. Payments UK will analyse the RTS in detail in the coming days and will continue to engage with the EBA, European Commission, Parliament and domestic regulators to address any outstanding challenges that may remain.

“Overall we feel that the RTS will only be successful by ensuring strong customer authentication that balances the essential requirement to protect customer data with a seamless customer experience that allows for the creation of innovative new services. We believe a good example of how to balance these needs can be seen in the development of the Open Banking API standard in the UK which will give customers more information, more control over their data, and drive competition by making it easier to assess suitable products and to switch providers. Enabling trusted third parties to access customer data is expected to drive innovative services that could be tailored to an individual’s specific needs.”