The European Banking Authority (EBA) has launched a central electronic register to provide information of ‘several thousand’ EU-based payment and electronic money institutions.
Launched under PSD2, the register also offers information of 150,000 agents within the EU. Under the requirements of PSD2, the EBA has to develop, operate and maintain an electronic central register which is publicly available and free of charge.
By releasing this register, the EBA is hoping to improve transparency and ensure a high level of protection for consumers within the European Single Market.
Information within the register includes the identity of authorised payment and electronic money institutions, including payment initiation service providers and account information service providers. Other data is the country of establishment these providers and the services they offer, and information on passporting such as the services provided in host member states.
The register will be the single source of aggregated information on payments and electronic services in the EU. It will be provided by national authorities and mirrors content of their national registers and will be updated daily.
It is free of charge and easy to access on the EBA website.
EBA executive director Adam Farkas said, “The EBA has worked hard to provide a freely accessible and reliable source of key information for market participants across the single market that will facilitate the roll out of PSD2, support the provision of the newly regulated payments services and improve transparency for consumers in the EU.”
Copyright © 2018 RegTech Analyst
