The Payment Services Directive 2 is a European Union directive, applicable from January 2018, that regulates payment services and payment service providers across the European Economic Area. It requires banks to give licensed third party providers secure access to customer account data and payment initiation services when the customer consents, a requirement generally known as open banking, and it introduced stronger customer authentication requirements for electronic payments. PSD2 replaced the original Payment Services Directive of 2007 and aims to increase competition, innovation, and security in the European payments market.
Facts
EraSourced to the subject's own accountAdopted as Directive (EU) 2015/2366, replacing the original Payment Services Directive 2007/64/EC. 1 Promulgated BySourced to the subject's own accountEuropean Union; administered by the European Commission, Directorate-General Internal Market. 1 Jurisdiction ScopeSourced to the subject's own accountEuropean Union and European Economic Area member states. 1 Regulatory DomainSourced to the subject's own accountPayment services and payment service providers. 1 Classification
Legal StatusSourced to the subject's own account Jurisdiction Scope
Jurisdiction Scope (category)Sourced to the subject's own account Era
Era (category)Sourced to the subject's own account21st Century (2000-Present) 1 Connections
Associated With
The Court of Justice of the European Union is the final interpreter of the Payment Services Directive 2 as EU law.
both are EU financial-services single-market regulations administered under ESMA/EBA oversight
In Legal System
European Union directive, applied across member states whose domestic systems are predominantly civil law.
Source Major Legal Systems in the World TodayRene David and John E.C. Brierley
Sources
1. Payment Services Directive (Wikipedia)
WikipediaLead paragraph (era)
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations of payment providers and users.
Lead paragraph (promulgated-by)
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations of payment providers and users.
Lead paragraph (jurisdiction-scope)
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations of payment providers and users.
Lead paragraph (regulatory-domain)
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations of payment providers and users.
In Group: European and International Financial Regulation, Introduction, sentence 1
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA).
View the Source Major Legal Systems in the World Today
Rene David and John E.C. Brierley, Stevens and Sons, 1985In Legal System: Civil Law
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