ΠΕΡΙΓΡΑΦΗ

The enhanced Payment Services Package introduces significant changes to the payment services framework, with a focus on enhancing security, innovation, and consumer protection. Additionally, measures to mitigate fraud and unauthorised transactions have been reinforced, ensuring higher levels of security and trust. The legal obligations for payment service providers have been expanded, specifying requirements for strong customer authentication, data protection, and risk management practices to ensure a secure and efficient payment ecosystem. 

Building on the foundation laid by the previous directives, the enhanced package aims to further strengthen consumer protection, promote competition, and adapt to evolving technologies in the payment services industry. This framework prioritises aspects such as secure payment transactions, customer rights, and promoting innovation in the payment services sector. The focus on combating fraud and securing instant payments ensures that transactions are not only faster but also safer and more reliable. 

Furthermore, the introduction of Instant Payments Regulation highlights the importance of instant payments, which are becoming increasingly crucial in the modern financial landscape. This regulatory focus ensures that payment services keep pace with technological advancements and market demands for faster and more efficient transactions. Overall, the new legal and regulatory obligations have been further strengthened, broadened, and detailed, bringing about significant changes in the payment services industry. These changes focus on enhancing consumer protection, trust, security, and innovation, aiming to ensure compliance with legal requirements and best practices in the constantly evolving digital landscape.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

By the end of the programme, participants will:

• To present Legal Rights and Obligations under the PSD2 and the Cyprus Law (31(I)/2018)
• To present Legal Rights and Obligations under the third payment services directive
• To analyse the consumer protection rules according to PSD2 focusing on the most important updates, such as the amendments of the third payment services directive, the relevant regulation, as well as the instant payments framework (PSD2, PSD3, PSR)
• To analyse the practical implications of the legal requirements
• To analyse the impact of the legal requirements in relation to fraud and instant payments

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

• Legal advisors
• Qualified Lawyers
• Compliance officers
• Auditors
• People working in Payment Institutions (PIs), EMIs, PISPs, AISPs, Banking Institutions

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline 

Introduction to Payment Services Framework (PSD2, PSD3, PSR)

• Overview of the legal framework
• Definitions, Objectives, and Purpose
• Challenges in Payment Services 

Enhanced Payment Services Package – Main Requirements

• Legal Rights and Obligations
• Consumer Protection
• The Cyprus Law
• Compliance in the Digital Era 

Evolving Payment Services Framework

• Overview of the enhanced legal framework
• Objectives and Purpose
• Key Aspects of the Payment Services Package 

Payment Services and Fraud

• Authentication
• Unauthorised Transactions
• Fraud Detection and Internal Implementation 

Instant Payments and Regulatory Updates

• Overview and Updates
• Instant Payments Regulation: Key Aspects, Implementation, Compliance Requirements
• Main Requirements of the overall Payments Package 

Legal Implications

• Compliance challenges and considerations in Payment Services
• Practical Examples, Questions & Discussion

Training Style 

The programme is designed to deliver high-level knowledge and practical guidance to the participants and shall include lectures, power-point presentations and practical examples to enhance participants’ understanding of payment services regulations in EU and Cyprus. 

The programme aims to provide in-depth knowledge and practical examples through the analysis of the legal framework. Participants will be engaged in interactive sessions, be able to ask questions, share opinions and benefit from feedback to their queries, enabling them to apply their learning at the workplace. 

CPD Recognition 

This programme may be approved for up to 6 CPD units in Banking and Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.