Introduction

Adopted in 2007 and implemented in 2009, the Payment Services Directive (PSD1) aimed to create a single market for payments in the European Union, as well as provide a foundation for the Single Euro Payments Area (SEPA). Its main objective was to make cross-border payments as easy, inexpensive and secure as domestic payments.

However, as the digital economy developed, new services began to appear – services that lay outside of the scope of PSD1.

With the arrival of Payment Services Directive II (PSD2), these new services and their providers will be registered, licensed and regulated, increasing competition, providing more choices for customers, and encouraging lower prices for payments.

Further technical, security and authentication requirements will follow, however, PSD2 must be transposed into national law by member states by 13th January 2018.

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