Insight & Analysis

Press release: EPA publishes collaborative report to debate payments regulation ahead of PSD2

Published: Mar 2020

12th March 2020 – The Emerging Payments Association (EPA), which celebrates collaboration and innovation within new and existing finance companies, has published its first report to address the issues from the second Payment Services Directive (PSD2).

Newspaper press release

The report, made up of six contributed articles from leading industry figures, also gives practical feedback for the next iteration of the directive. The paper has been launched in response to growing frustrations within the payments industry regarding Payment Service Providers’ (PSPs) inability to keep up with the ever-evolving legislation laid out by regulatory bodies.

The guidance comes at the right time, following the extension of PSD2 implementation deadlines and uncertainty over Brexit. It calls for a clear re-examination of regulation issues facing EPA members and the wider payment industry to be carried out.

The report entitled ‘The Future of Payments Regulation: Voices of the EPA’, supported by Moorwand, consists of six articles from some of the leading industry minds, that make up the EPA’s Project Regulator. They take aim at PSD2 and look ahead to the future of the payments industry, calling for change and consideration before PSD3.

Through this e-book, Modulr, fscom, Moorwand, Okay, Northey Point, Locke Lord and Kemp Little have united as ‘voices of the EPA’ to present their own ideas on what the future of payments regulation should look like. The report delves into the following key topics:

  1. Should the UK adopt a PSD3 or chart its own course?
  2. Pulling the plug on e-money
  3. Safeguarding the customers’ money
  4. Unlocking Strong Customer Authentication (SCA)
  5. Changing the focus of open banking risk for data
  6. Education: the ‘secret sauce’ for the successful implementation of payments regulation

Alison Donnelly, Director at fscom, said: “While the second Payment Services Directive (PSD2) is still in the final throes of implementation, it’s clear to us that now is the right time to begin considering the changes that could, and should, be made to continue to improve and enhance our payment services market.”

She added: “These articles represent some of the voices of the EPA and we’re putting our opinions forward to spark debate. We look forward to continuing this discussion in the months ahead as we tackle the serious issues of how regulation should be framed to meet the needs of consumers and the industry.”

‘This white paper will help to shape the future of payments regulation,’ says Tony Craddock, Director General of the Emerging Payments Association. ‘When we look back at this paper in five years, the seeds of change will have been planted within it.’

The report is the starting point of the conversation around payments regulation, and the EPA will be welcoming new contributors in the coming months. The EPA recognises the important work of the Financial Conduct Authority (FCA) and will continue to champion the concerns of its members to encourage positive action towards compliance in the years ahead to enhance our payment services market.

For more information about the new report, please visit: or you can speak directly to the EPA at:

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