What is PSD2?
PSD2 is the second Payment Services Directive, issued by the European Union in 2015, but members of the EU have until 2018 to implement it into their local legislation.
What are the key changes?
PSD2 will break down the bank’s monopoly on their user’s data. It will allow third party providers like Google, Amazon, Facebook or FinTech Start-Ups to retrieve your account data from your bank, with your explicit consent.
Through the article, the author elaborated of course on the impact of PSD2 itself on the different players of the market, being banks, processors, payment services providers, merchants, mobile payments operators, … In addition, he focused on the identified links between PSD2 and different regulations popping up at (almost) the same time such as the GDPR, the RTS from EBA. He finally made a comparaison and an analysis of possible interactions between PSD2 and new payment means such as the SEPA Instant Payments.
You can read the full interview “PSD2 addresses the payments market in a standardized way” on the site of The Paypers.
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About The Paypers.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. Their products are aimed at merchants, payment services providers, processors, financial institutions, start-ups, technology vendors and payment professionals and have a special focus on all major trends and developments in payments-related industries including online and mobile payments, online/mobile banking, cards, cross-border e-commerce, e-invoicing and SEPA. They are also keen on keeping our readership informed with regard to online fraud prevention innovations and the most significant trends in the e-identity space.