PSD2: Getting Ready For The Next Generation Of Payment Services (Part 2)

The EU Commission's long-awaited proposals for a new Payment Services Directive (PSD2) contain much for existing providers of payment services to consider.  This is in addition to the changes which will bring many new players into the regulatory sphere for the first time (as highlighted in Part 1 of our commentary on PSD2).

The Commission's assessment of the 2007 Payment Services Directive (PSD) was that it was generally fit for purpose but that there was much more that could be done in order to improve European payment systems. It has 5 main objectives:

• to achieve a more integrated and efficient European payments market
• to create a more level playing field for payment services providers