The EBA published its final draft RTS specifying the requirements with which payment card schemes and processing entities must comply to ensure the independence of their accounting, organisation, and decision-making processes.
These European Banking Authority’s(EBA) final draft Regulatory Technical Standards (RTS) aim at facilitating greater competition among processing services providers, supporting the general objective of the Interchange Fee Regulation (IFR) to create a Single Market for card payments across the EU.
The final draft RTS require payment card schemes and processing entities to:
have accounting processes in place to produce annual information related to separated profit & loss accounts reviewed by an independent and certified auditor;
have separate workspaces; and
ensure the independence of senior management, management bodies and staff.
They lay down requirements related to the use of shared services and a shared information management system, the treatment of sensitive information, a code of conduct, and the separation of annual operating plans.
Final draft RTS
Hover over the blue highlighted
text to view the acronym meaning
over these icons for more information
No Comments for this Article