Nina Stoyanova: Forthcoming new developments in the area of payment services and digitalisation

Publication by Ms Nina Stoyanova, Deputy Governor and Head of the Banking Department of the Bulgarian National Bank, in the Quarterly Bulletin of the Association of Banks in Bulgaria, issue 65, January 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
15 February 2021
by Nina Stoyanova
PDF full text
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  |  6 pages

Digital technologies have changed the financial services provision business, and the payment sector is the leader in this trend. The speed of development of innovations and the scale of technological changes in it require concrete and targeted effort. The pending strategic projects and directions of development of the European payment infrastructure in the short term, as presented in the digital finance package of the European Commission of November 2020, are related to the development of instant payments, digitalisation of financial services and support of secure, profitable and interoperable payment solutions within the single market.

1. Forthcoming review of the Second Payment Services Directive

In 2021, there will be a review of the Second Payment Services Directive (PSD2) adopted in 2015 and transposed in the national legislation at the beginning of 2018 with the new Law on Payment Services and Payment Systems. An analysis of the results of the directive's implementation is expected to cover the following areas:

  • Updating the requirements to technical solutions used by payment services providers for strong customer authentication, which are to ensure high level of security to customers, while being convenient and user-friendly.