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How To Stay Compliant With The New European Recommendations On Secure Electronic Payments

Legal & Regulatory |  January 20, 2015 Frederik Mennes

In January 2013, the SecuRe Pay forum of the European Central Bank (ECB) published its “Recommendations for the security of Internet payments”. With these recommendations, SecuRe Pay aimed to create a minimum level for the security of Internet payments, and to harmonize the security of payments within the European Economic Area (EEA).

Since then, many regulatory and legislative initiatives related to electronic payment security have occurred. The SecuRe Pay forum published two other recommendations, namely recommendations for the security of mobile payments (in draft so far), and recommendations for the security of payment access account services. Also, the European Commission, together with the European Parliament and the Council of Ministers, is currently finalizing Payment Systems Directive II, which also pays attention to securing electronic payments. Finally, the European Banking Authority (EBA) recently issued its finalized guidelines regarding the security of Internet payments. In the meantime, the ECB issued a statement on the mandate of the SecuRe Pay forum.

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