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​EU payment services get extra time to report system breaches, failures

( July 27, 2017, 14:40 GMT | Official Statement) -- MLex Summary: Apple Pay, PayPal and other payment-service providers will have up to four hours to notify supervisors of any major system breach or failures, under amended EU guidelines. The European Banking Authority has agreed to extend the deadline by two hours and to reduce the amount of information required in initial reports, in a concession to the industry. The EBA also made minor changes to the draft criteria to identify so-called major operational and security incidents. The guidelines build on the revised Payments Services Directive. National authorities must apply them from Jan. 13, or explain why they won't do so.The statement follows. The guidelines are attached....

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