The European Banking Authority (EBA) plays an extraordinarily complex role. Having to manage and regulate the financial industry means walking a tightrope between directional regulation and restrictive controls. The delivery of the revised Payment Service Directive (PSD2) and the regulatory technical standards (RTS) for strong customer authentication (SCA) has proven that this recognition is more than deserved, with the line between regulation and technical requirements being even more precarious than anyone anticipated.
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