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ARTICLE · 15 JANUARY 2018

Financial Regulation Update: PSD2 Transposed Into Irish Law

Mason Hayes & Curran LLP
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Minister for Finance, Paschal Donohoe signed the European Union (Payment Services) Regulations 2018 into law today. The 2018 Regulations transpose the revised Payment Services Directive ...

European UnionFinance and Banking
Rowena Fitzgerald
Rowena Fitzgerald
Conor Durkin
Conor Durkin
Máire Reidy
Máire Reidy
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Minister for Finance, Paschal Donohoe signed the European Union (Payment Services) Regulations 2018 into law today. The 2018 Regulations transpose the revised Payment Services Directive (Directive (EU) 2015/2366) (PSD2) into law just in time for the 13 January 2018 deadline.

PSD2 introduces several important changes for banks and third party payment service providers as well as for consumers using payment instruments, such as credit or debit cards and gift cards, to pay for goods and services. 

Change highlights

The following is a summary of the main changes introduced by the 2018 Regulations:

  • Increased consumer protection measures in the form of strict security requirements for the initiation and processing of electronic payments and the protection of consumers' financial data

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