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EUROPE: "Autos: Europe Demand Falls on Selling Day Shift; Underlying Demand Stable (May 2017)" repor

EUROPE: "Autos: Europe Demand Falls on Selling Day Shift; Underlying Demand Stable (May 2017)" report. 8-page report by BAIRD.

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back to index backEUROtalk May,  2017


Payment & Travel Companies Sound Alarm Over Pending E.U. Card Regulations

In case the European Union fails to heed warnings about the unintended consequences of its revised Payment Services Directive, or PSD2, travel and financial services companies are examining workarounds for corporate travel payments. Payment and technology companies are urgently lobbying the European Commission and European Parliament to carve out better exemptions for the corporate sector from the directive's technical standards on transaction authentication. PSD2 is slated to go into effect in January.

The standards aim to reduce fraud through additional, mandated authentication measures for all electronic cardholder-not-present payments. Objectors say strong customer authentication, as it's known, would make standard corporate travel booking and payment processes, from lodge cards and virtual cards to travel management companies booking on behalf of customers, much more difficult at best. At worst, they'd make those processes impossible. Opponents also argue SCA is unnecessary because fraud levels are far lower in commercial payments. "The fundamental point for me is that we aren't [just] trying to deal with fraud [but that] we absolutely are dealing with it," said Citi head of commercial cards EMEA Steve Robson. "This has come as a sledgehammer blow as a result of not understanding the industry."

PSD2 aims to allow new entrants into the payments market while evolving the overall regulatory regime to protect consumers in the digital era. The European Commission asked the European Banking Authority to draft the regulatory technical standards for SCA, in which a person must authenticate a payment using any two of three elements:

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Source: BTN - GAI



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