ECB : recommendations for the security of internet payments

Politics.be · 21 april 2012, 10:40

On 11 April 2012 the Governing Council of the European Central Bank (ECB) endorsed for publicconsultation the “Recommendations for the security of internet payments”, in the context of the workundertaken by the European Forum on the Security of Retail Payments. The Forum was established inearly 2011 at the suggestion of the Payment and Settlement Systems Committee of the ECB as avoluntary cooperative initiative between relevant European authorities - supervisors of payment service providers and overseers in particular. Its purpose is to facilitate common knowledge and understanding of issues related to the security of electronic retail payment services and instruments.

The harmonised, minimum security recommendations are expected to contribute to fighting payment
fraud and enhancing consumer trust in such services. They include key considerations and best practices
and are applicable to all payment service providers (PSPs), as defined in the Payment Services Directive,
that provide internet payment services, such as: (i) the execution of card payments on the internet,
including virtual card payments, as well as the registration of card payment data for use in wallet
solutions; and (ii) the execution of credit transfers on the internet, or direct debit electronic mandates
initiated in relation to the payer’s account, where the payer authorises its PSP over the internet using
web-based technology. Owing to the specific nature of card payments, a number of the
recommendations are addressed to PSPs offering acquiring and/or issuing services, as well as to
governance authorities of card payment schemes. Moreover, other market participants, such as emerchants,
are encouraged to adopt some of the best practices.
Implementation of the recommendations will be based on the existing legal framework. The authorities
represented in the Forum are committed to supporting implementation in their respective jurisdictions
and will strive to ensure consistency across countries.
European

Bron: politics.be

21 april 2012, 10:40	#1
Politics.be Redactie Geregistreerd: 27 november 2004 Berichten: 28.704	ECB : recommendations for the security of internet payments On 11 April 2012 the Governing Council of the European Central Bank (ECB) endorsed for publicconsultation the “Recommendations for the security of internet payments”, in the context of the workundertaken by the European Forum on the Security of Retail Payments. The Forum was established inearly 2011 at the suggestion of the Payment and Settlement Systems Committee of the ECB as avoluntary cooperative initiative between relevant European authorities - supervisors of payment service providers and overseers in particular. Its purpose is to facilitate common knowledge and understanding of issues related to the security of electronic retail payment services and instruments. The harmonised, minimum security recommendations are expected to contribute to fighting payment fraud and enhancing consumer trust in such services. They include key considerations and best practices and are applicable to all payment service providers (PSPs), as defined in the Payment Services Directive, that provide internet payment services, such as: (i) the execution of card payments on the internet, including virtual card payments, as well as the registration of card payment data for use in wallet solutions; and (ii) the execution of credit transfers on the internet, or direct debit electronic mandates initiated in relation to the payer’s account, where the payer authorises its PSP over the internet using web-based technology. Owing to the specific nature of card payments, a number of the recommendations are addressed to PSPs offering acquiring and/or issuing services, as well as to governance authorities of card payment schemes. Moreover, other market participants, such as emerchants, are encouraged to adopt some of the best practices. Implementation of the recommendations will be based on the existing legal framework. The authorities represented in the Forum are committed to supporting implementation in their respective jurisdictions and will strive to ensure consistency across countries. European Bron: politics.be __________________ Politics.be - Jouw politieke portaalsite