EU E-Payments Lack Clarity
European banks are seeking clarification on the European Banking Authority’s (EBA’s) e-money transaction and reporting regulations.
Following an EBA workshop, banks from nine European countries have endorsed a note requesting clarification on the definition of e-money transactions and the related reporting requirements.
EBA’s guidelines on fraud reporting under PSD2 require banks to report fraudulent e-money payments, but does not sufficiently specify which transactions fall under the definition of e-money.
The current definitions of e-money are from 2009 and only allow fraudulent prepaid card transactions to be reported – with today’s expansive availability of e-payment products, the definition is in need of an update.
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