The new proposed European directive for electronic payments has received strong support in the form a legal opinion from the European Central Bank (ECB).
The legal opinion, which was published on request by the Council of the European Union and the European Parliament, supports innovation and competition in retail payments, as well as strong security requirements.
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In its opinion, the ECB also suggested steps to improve security of payment initiation and account information services, while fostering both security and competition.
The ECB also said that the suggestions should not be viewed by new players as barriers from foraying into the market.
Recommending cooperation of all parties for the development of the proposed new standard, the ECB also viewed that a common European standard would allow the industry to rely on safe ways to authenticate consumers.
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By GlobalData
