Secure Payments on the Internet — the Eurozone discussion

The EU has adopted or is in the process of adopting a number of overlapping rules on the safety of internet payments. The ECB and the SecuRe Forum took the initial lead for the Eurozone.

The EBA followed suit with a set of guidelines which are now being implemented in some, but not all Member States. The ink on these guidelines is not yet dry and the EBA began developing Regulatory Technical Standards under the PSD for strong authentication. In parallel the EU has just adopted the NIS Directive introducing requirements for credit institutions as regards cyber security risk.

The panel with Nickolas Reinhardt and Peter Kerstens will aim to discuss how these and other relevant initiatives interact, how the industry should prepare and what lessons EU policy makers and the industry can learn from this going forward:

  • Do the Rules strike the right balance between security and innovation?
  • Do they strike the right balance between security and convenience?
  • Do they provide a level playing field?
  • Are these technology neutral?…

Nickolas Reinhardt is Co-Founder and Director of Afore Consulting as well as Head of the Secretariat of the European Payment Institutions Federation (EPIF).  Previously, Nickolas was Senior Policy Advisor and Chair of International Financial and Regulatory Affairs at an international public affairs company and has also trained and worked as a merchant banker and securities trader.  In addition, Nickolas chairs  the EU Asia Financial Services Round Table.

Peter Kerstens is currently an advisor on financial sector cybersecurity at DG FISMA. He has been in the European Commission for many years and previously held positions in the cabinets of Commissioner Charlie McCreevy and Commissioner David Byrne.  Mr Kerstens holds a Bachelors and a Masters in Political Science and a Masters in European Union Administration from the College of Europe

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