(Note: the below is a high level review of certain potential issues and is not to be relied upon in any definitive manner nor as legal and/or regulatory advice).
The most recent round of trilogue negotiations of the PSD2 have led to an informal agreement of the text of the revised Payment Services Directive – as reported by this EC Council’s press release.
It is understood that the agreement will involve a further technical revision to its text – which will then be submitted for vote to the EC Parliament and then to Council for formal adoption.
What is PSD2?
PSD2 refers to the proposed revised Payment Services Directive.
Key new requirements
PSD2 proposed to extend its scope to additional payment services business models, notably:
Payment initiation service providers; and
Account information service providers.
PSD2 will also outline additional security compliance requirements.
EmoneyAdvice.com has examined some of the key developments on PSD2 (including those set out above) , which can be accessed via this link.