Commission Delegated Regulation (EU) 2020/1423 enters into force on central contact points for payment services

Original title: Commission Delegated Regulation (EU) 2020/1423 of 14 March 2019 on supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards on the criteria for appointing central contact points within the field of payment services and on the functions of those central contact points (Text with EEA relevance)

Commission Delegated Regulation (EU) 2020/1423 entered into force on 29 October 2020, establishing criteria and standards for appointing central contact points in payment services under PSD2. The regulation sets out the functions and governance requirements for these contact points, which serve as key intermediaries for communication and coordination in the payments ecosystem. Payment service providers and competent authorities must align their practices with the newly defined standards for central contact point operations.

What changed

• Commission Delegated Regulation (EU) 2020/1423 established regulatory technical standards for the criteria used to appoint central contact points within the payment services field, supplementing Directive (EU) 2015/2366 (PSD2).
• The regulation defined the specific functions and responsibilities that central contact points must perform in coordinating payment service operations and facilitating communication between stakeholders.
• Entry into force date set for 29 October 2020, establishing a compliance timeline for the implementation of the new central contact point standards across the payment services sector.

Who is affected

Payment service providers, competent authorities, and central contact points operating in the EU payment services sector under PSD2 framework.

Summary generated by a language model; the official text prevails. Not legal advice.