With the introduction of PSD2, banks are forced to provide third party payment service providers (PSPs) with access to the bank’s customers’ account information for account servicing and payment initiation services, but only in the case where the user has granted access to these third-party players. This article explores a technical solution that leverages eIDAS to address the PSD2 requirements.
PSD2 breaks up the ways in which banks do their business, by forcing them to open up their APIs. By doing so, PSD2 challenges the way in which data was traditionally secured in banks.
Following the revised Payment Service Directive (PSD2), banks in the EEA are required to enable their customers (users) to grant third party providers (TPPs) access to
The European Union is leading the way in the move towards the creation of a single digital market. There are many advantages a digital business has over its more traditional counterparts that are only amplified when such businesses are allowed to operate seamlessly across multiple markets.
In Part 1 of our series exploring the wide footprint of the eIDAS regulation, we looked at things like PSD2, the European Citizen’s Initiative, and the eHealth Governance Initiative. However, these are just a few examples of the many applications of the eIDAS mechanisms. In this part, we examine some other interesting applications, including Social Security and the prevention of Money Laundering.
Globalization has continued its inexorable march over the last decades. The movement of everything from capital, labor, ideas, goods, and services across borders has made the world a smaller place. International organizations create the rules that define and guide interactions between people and nations. In parallel, we are seeing another revolution - digitizing our economy at a breath-taking pace.
The eIDAS regulation is a key foundational stone in creating the pan-European Digital Single Market. It provides the essential elements to build a robust and secure electronic identification system and reliable trust services. Without the tools that eIDAS enables, several EU directives and initiatives would not be able to function effectively - or at all.
The Delegated Regulation on Regulatory Technical Standards (RTS) by the European Commission aims to facilitate Strong Customer Authentication (SCA) and establish secure communication channels.
The eIDAS Regulation has been designed with an aim to optimize digital business practices while simultaneously enhancing security for all users. It allows for better cross border operational compatibility and improves the flow of information which makes the modern economy tick. We have discussed many such aspects of eIDAS in previous articles, but in this two-part series we explore some real-world applications through a few case studies. Here we look at how businesses in the finance and logistics sectors can benefit from the various tools that eIDAS provides.
