FCA publishes PSD2 reminder

The technical standards under Payment Systems 2 (PSD2), also known as the regulatory technical specification or RTS, come into force for affected firms on 14 September 2019.

To assist firms in preparing, the FCA has issued a reminder containing key dates and deadlines that will need to be met in order to be compliant by 14 September 2019. We have set out the key timings below.

Finalised reporting and notifications
Fraud report	from 1 January 2019
Authorised push payment complaints reporting	from 1 July 2019
Statistics on the availability and performance of a dedicated interface	from 14 September 2019
Problems with dedicated interface	from 14 September 2019

Strong customer authentication
Undertaking strong customer authentication	by 14 September 2019

Application Programming Interfaces (APIs)
Requirement to give 3rd party access	by 14 September 2019
Submission of fallback exemption requests	by 14 June 2019
Making use of testing facilities	by 14 September 2019

If you are affected by PSD2 and the advent of the RTS, Taylor Wessing is on hand to help. If you would like to discuss any of the issues in this article, please contact one of our experts.