The
Luxembourg Law of 20 July 2018 implementing the revised Payment
Services Directive (EU) 2015/2366 ("
PSD2") and amending the Law of 10 November 2009 on payment
services ("LPS"), which had implemented
the first Payment Services Directive
("PSD1"), entered into force on 29 July
2018.
The main changes introduced to bring the LPS in line with PSD2
can be summarised as follows.
The scope of application of the LPS is modified in different
ways, including, in particular:
- Regulation of two new types of
third-party providers ("TPPs") as
payment service providers: (i) account information service
providers ("AISPs"), which collect and
consolidate information on the different bank accounts of a
consumer in a single place, and (ii) payment initiation service
providers ("PISPs"), which facilitate
internet payments by initiating a payment from the user account to
the merchant account on the customer's demand.
