The European Banking Authority (“EBA”) has announced details of its plans to harmonize regulatory and supervisory practices to ensure secure, easy and efficient payment services across the EU. The Payment Services Directive (PSD2) is expected to mandate improved operational and security requirements for payment services, in close cooperation between the EBA and the European Central Bank (ECB) through the Forum for the Security of Retail Payments which the ECB and the EBA chair jointly. As the security requirements under PSD2 are not expected to come into force until 2018/9, the final Guidelines issued by the EBA in December 2014 (applicable as of August 1, 2015) will apply until such time.