It’s official! PSD2 has now been published in the OJ.

The revised Payment Services Directive (EU 2015/2366) has now been formally adopted and published in the Official Journal on 23 December 2015. It’s finalised text is available here.

Key dates for your compliance calendars:

12 January 2016: PSD2 enters into force on 12 January 2016 (the 20th day after its official publish date)

13 January 2018: the date by which Member States should have implemented its provisions into national law.

What are its key revisions?

Key issues that require very careful consideration as the new Directive is transposed into national law:

• The regulation of new business models known as “Third Party Payment Service Providers”

• Closing off the ‘commercial agent’ exclusion for e-commerce platform providers

• Restricting the use of the ‘telco’ / ‘digital device’ exclusion

• The continued lack of clarity on the use of the ‘limited network’ / ‘limited goods and services’ exclusion

• The rules around Third Party Payment Service Providers being granted access to customer accounts held with other PSPs
• The increase in security obligations
• One leg transactions and all currencies being in scope.