IRELAND Trends and Developments Contributed by: Christopher Martin, Derek Hegarty and Nicola Munnelly, KPMG Law
instruments and acquiring payment transac - tions. • The removal of the e-money authorisation as distinct from a payment institution authorisa - tion. • Greater clarity on the nature and scope of exemptions (eg, in respect of commercial agents). • Enhancements to strong customer authenti - cation requirements. • Co-operation and information exchange between payment service providers (PSPs) on fraud, as well as customer education on fraud. • In the context of open banking, mandatory data access interfaces for account servicing PSPs, dashboards to manage permissions to access open banking, and detailed specifica - tion for data interfaces. • Allowing direct participation for payment institutions in all payment systems, as well as enhanced rights to access bank accounts to provide services. • A registration regime for independent ATM providers. Existing payment institutions and e-money insti - tutions may also need to go through a re-author - isation process with the Central Bank (similar to what occurred when PSD2 was introduced). The Central Bank is expected to engage with local PSPs in due course to ensure their prepa - ration for the implementation of PSD3 and the associated reauthorisation application. Access to Cash Bill In Ireland, in advance of PSD3 and PSR, a number of similar measures will be introduced through the Finance (Provision of Access to Cash Infrastructure) Bill 2024, which is likely to be passed during the course of 2025.
This legislation followed the Retail Banking Review Report, published in November 2022, which recommended that the Department of Finance develop access to cash legislation. The Central Bank is supportive of the Bill, particularly in the context of the Eurosystem’s cash strat - egy 2030, and as part of the development of the National Payments Strategy. In particular, the Central Bank considers it an important public policy intervention to ensure that cash remains available to households and businesses as an effective means of payment. The ECB will also be consulted on the Bill. The Bill provides for: • an assessment of Reasonable Access to Cash (RAC) with criteria for lodgement and withdrawal facilities based on proximity (per - centage of population within 10km of an ATM and ATMs per capita (minimum number of ATMs per 100,000 people)); • based on the assessment, specific require - ments on certain Irish banks to provide ATMs to facilitate local access to cash (and a power for the Central Bank to require actions where deficiencies in coverage are identified; and • the registration of ATM providers and cash in transit services with the Central Bank, for the purposes of supervision by the Central Bank (although they will not be subject to the full panoply of requirements applicable to regu - lated financial service providers). The Financial Data Access and Amending Regulations Proposal The Financial Data Access Regulation (FiDAR), was published in parallel with the PSD3/PSR proposals and while currently still in the proposal stage, is expected to be adopted in early 2025. The proposal aims to give customers of financial institutions, both consumers and corporates,
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