The Second Payment Services Directive (PSD2) updates the provisions of the Payment Services Directive (PSD) currently in place. The new rules aim to promote innovation and competition; increase access to payment systems; enhance security of online banking services; and provide further protections to customers across Europe.
All EU Member States are required to transpose these new rules into national law by 13 January 2018.
The original PSD aimed to make cross-border payments as easy, efficient and secure as domestic payments within a member state. It brought greater harmonization, transparency, information and protection for customers.
PSD2 intends to extend regulatory reach for all types of payment service providers; further encourage competition; lower costs and increase innovation in the payments industry. It will also create enhanced customer protection and online security.
Are You Ready?
- What efforts are being made to absorb the impact of PSD2 on the business, and to support new business models?
- Are you positioned to deliver value in the era of open banking?
- What role does PSD2 have in your strategy initiatives?
BNY Mellon is here to help you assess your readiness and compliance with existing and upcoming requirements.
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