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Payment Services Directive (PSD2) in short

By
Paul Foley
The PSD2 regulatory framework aims to reduce costs, improve the security of payments and facilitate the emergence of innovative new mobile and internet payment methods. (Published in Financier Worldwide  magazine, December 2016)

PSD 2 came into force on 12 January 2016 and European Union (EU) member states must transpose PSD 2 into their national laws and regulations by 13 January 2018. Most importantly, the European Commission (EC) has stated that member states should interpret the existing rules on payment services in line with PSD 2 and must not adopt new measures contradicting PSD 2.

Published in Financier Worldwide magazine, December 2016:

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