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ARTICLE · 30 OCTOBER 2013

Getting Ready For The Next Generation Of Payment Services

Fieldfisher
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The European Commission’s long awaited revision of the Payment Services Directive (PSD2) will bring a range of new players inside the regulatory regime and also contains much for existing providers of payment services to consider.

United KingdomAntitrust/Competition Law
Clare Burman
Clare Burman
Paul Graham
Paul Graham
John Worthy
John Worthy

The European Commission's long awaited revision of the Payment Services Directive (PSD2) will bring a range of new players inside the regulatory regime and also contains much for existing providers of payment services to consider.

The European Commission's long awaited revision of the Payment Services Directive (PSD2) will bring a range of new players inside the regulatory regime.

The Commission's assessment of the 2007 Payment Services Directive (PSD) was that it was generally fit for purpose but needed to be updated to reflect the dynamic nature of the payments services market. At the same time, the Commission highlighted inconsistencies in the way in which Member States had implemented PSD and the consequential fragmentation of the payments services market along national borders, especially in internet and mobile payments. In order to address these challenges, it has changed the scope of the PSD and expanded the type of services for which organisations will

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