This Overview is a guide to the Financial Services content within the Payment services subtopic, with links to appropriate materials.
The Payment Services Directive (Directive 2007/64/EC) (PSD1) provided the legal foundation for the creation of an EU-wide single market for payments.
PSD1 was intended to regulate PSPs and harmonise the payments sector within the EU. However, advances in payments systems have outstripped the regulatory capacity of PSD1 and, in July 2013, the European Commission introduced a proposal for a second Payment Services Directive (COM(2013) 547 final) (PSD2) (see: Proposal), which incorporates and repeals PSD1. PSD2 addresses the technological advances affecting payments, the increased incidence of online payments fraud and inconsistent implementation of certain provisions of PSD1. It introduces rules for third-party PSPs, expands the geographic scope, increases requirements on security and narrows the exemptions available under PSD1.
The second Payment Services Directive (PSD2) (Directive 2015/2366/EC) was published in the Official Journal of the EU on 23 December 2015 (here) and came into force on 13 January 2016.
This Practice Note provides an overview, and
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