Strengthening Trust and Accountability in European Payments

This technical report outlines ACI Worldwide's response to the European Commission's PSD3 and PSR1 frameworks, aimed at enhancing trust and resilience in the EU payments ecosystem. It identifies three key areas for improvement: promoting real-time fraud intelligence sharing, establishing Verification of Payee (VoP) as a foundational trust layer, and creating a more effective liability framework for digital fraud. The report emphasizes the importance of legal frameworks that enable the voluntary sharing of fraud-related data among financial institutions, which is crucial for collaborative threat detection. It also discusses the need for clear responsibilities and liabilities across various stakeholders to foster trust and participation in fraud prevention efforts. Furthermore, the report highlights the growing threat of Authorised Push Payment scams and the necessity for a balanced liability framework that addresses the origins of fraud, ensuring that all parties involved in the payments ecosystem contribute to fraud prevention and accountability.