Payment Services Directive 2 (PSD2) & eIDAS

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In September 2019, the European Banking Authority's (EBA) Payment Services Directive 2 (PSD2) came into effect, requiring PSPs and banks to meet new requirements for authentication and communications, in the form of eIDAS certificates.

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What is PSD2?

PSD2 is created to implement enhanced privacy and digital security measures for all Payment Service Providers (PSPs), including banks. Due to the sensitivity of financial services transactions, the European Banking Authority (EBA) issued the revised PSD2 Regulatory Technical Standards (RTS) requiring—among other measures—the use of digital security certificates issued by a Qualified Trust Service Provider (TSP) in accordance with eIDAS standards. Throughout the EU, “Qualified Certificates” will provide special status in regulatory contexts.

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What are eIDAS Qualified Certificates?

eIDAS (EU Regulation 910/2014) is a set of European Union regulatory standards which define the requirements for PSD2 certificate compliance with digital certificates. This includes standards designed to verify their holders’ identity, as well as the operation of the Qualified Trust Service Providers (TSPs) that issue them. Certificates which are issued in accordance with eIDAS standards by Qualified TSPs are also known as “Qualified Certificates” and provide special status in certain legal and regulatory contexts across the EU.

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Why do I need Qualified certificates for PSD2?

PSD2 requirements enable digital certificates to be used to identify payment service providers and banks, verify their licensed roles, encrypt communications, and in some instance to provide tamperproof seals on transactions or data. The PSD2 Regulatory Technical Standards (RTS) specify that only eIDAS certificates issued by Qualified Trust Service Providers (TSP) may be used for identification of PSPs, due to the sensitivity and privacy required for financial services transactions.

At SSL247, we are committed to providing the best possible service and have the infrastructure in place to provide DigiCert PSD2-compliant verification across Europe. If you are a PSP or bank without you eIDAS certificate, please get in touch today with our trusted, SSE-accredited consultants for a FREE no commitment consultation and quote.

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