Below are two Italian developments on PSD2. More specifically, the Italian Government approved draft rules amending the Italian PSD2 implementation and the Bank of Italy issued instructions on certain PSD2 aspects.
Please find below a brief summary of two Italian developments on PSD2. More specifically:
- on 6 April 2020, the Italian Government approved a draft Legislative Decree introducing corrective and supplementary provisions to the Italian implementation of Directive (EU) 2015/2366 (PSD2) and Regulation (EU) 751/2015 (IFR) (“Draft Decree”); and
- on 8 April, the Bank of Italy published certain instructions on the application of PSD2 (the "Bank of Italy Instructions").
Main provisions of the Draft Decree
- Where the liability of a PSP is attributable to another PSP or to an intermediary, that PSP or intermediary shall compensate the first PSP for any losses incurred or sums paid also in case of non-execution, defective or late execution of payment transactions initiated through a payment initiation service provider.
- Entities providing account information services only would no longer be required to join the Bank of Italy out-of-court dispute resolution systems.
- Sanctions for failing to comply the with Interchange Fee Regulation (IFR) provisions.
The Government press release illustrating the Draft Decree is available here (Italian only).
Bank of Italy Instructions
Exemption from contingency mechanism for dedicated interfaces
The Bank of Italy has set a 45-day term for the conclusion of the procedure for granting an exemption from the fall-back solution to account servicing payment service providers that have opted for a dedicated interface, where the conditions set out under Commission Delegated Regulation (EU) 2018/389 (RTS) are met. The Bank of Italy also provided the forms to be used in this regard.
Reporting problems with dedicated interfaces
PSPs shall promptly report to the Bank of Italy any issue related to the dedicated interfaces by filling-in a dedicated form and sending it to RIV@pec.bancaditalia.it.
Corporate strong customer authentication (SCA) exemption
In order to benefit from the corporate SCA exemption the following criteria must be met: (i) transaction monitoring is ensured; (ii) secured communication channels comply with the requirements for encryption, confidentiality and integrity of users personalised security credentials; (iii) secured authentication mechanisms are applied. The solutions adopted must be illustrated on a yearly basis to the Bank of Italy using a dedicated form attached to the report on operational and security risks.
The Bank of Italy Instructions are available here (Italian only).
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