Chapter 12 TITLE IV ‘RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION AND USE OF PAYMENT SERVICES’, CHAPTER 5 ‘OPERATIONAL AND SECURITY RISKS AND AUTHENTICATION’ (ARTS 95-98)
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This Chapter reviews the Payment Services Directive 2 (PSD2) Authentication and Security related Articles and links these provisions to the related European Banking Authorities (EBA) deliverables, which come in the form of Guidelines and Regulatory Technical Standards (RTS). The core Articles reviewed in this section cover the following: 1) the ‘Management of operational and security risks’ (Article 95), which is underpinned by specific Guidelines from the EBA with the option of the EBA to draft future additional RTS in that regard; 2) ‘Incident reporting’ (Article 96), where the EBA has been required to develop RTS to underpin this provision; 3) ‘Authentication’ (Article 97), which is the heart of this section of PSD2, prescribing the requirements that have to be fulfilled by PSPs to effect authentication of a payment; and 4) Article 98, ‘Regulatory and technical standards on authentication and communication’, which confers a mandate to the EBA to draft RTS according to the parameters outlined in this Article.

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