ECB and EBA team up to enable retail payments security

The two financial institutions have agreed to use as a basis for their cooperation the technical work developed in the European Forum for the Security of Retail Payments (SecuRe Pay), a voluntary cooperative initiative between authorities from the European Economic Area (EEA) that aims at facilitating understanding of issues related to the security of electronic retail payment services.

SecuRe Pay will work as a common basis for both the Eurosystem (the ECB plus the national central banks of the euro area) standards for the oversight of payment systems and retail payment instruments, and for the EBA’s regulatory and supervisory requirements for payment services across the entire European Union (EU).

SecuRe Pay was established in 2011 as a voluntary cooperation between supervisors of payment service providers and overseers of payment systems and payment schemes/instruments within the EU/EEA.