At last months Swift business forum in London 150 debated and discussed about the new Payment Service Directive, PSD II and what it really means and what impact it will have on the payment industry.
The Directive – both the first and second versions – aim to establish a set of rules applicable to all payment services within the European Union.
- PSD I – The idea was to promote modern and efficient payment services that would ultimately benefit consumers.
- The revised PSD (PSD II) was adopted by the European Parliament in October 2015 with the aim to improve consumer protection and the security of payment services. It also aims to promote innovation and to lower the entrance barrier for new and 3rd party service providers. The panellists on the deep dive session on the forum were quite sceptical about the ability of regulation to stimulate innovation.
One “interesting” statement at the forum came from Emily Reid, partner at law firm Hogan Lovells, when she joked that payments regulation was a “growth sector” for lawyers.
Any way it’s time for the players in the payment industry, if not already done, to start planning for this directive though January 1st 2018 soon is here.
Read the article on PSD II from Banking Technology here.
Want to learn more about PSD II? European Commision has a FAQ, read it here.