What is the Payment Services Directive 2 PSD2?

22 Mar 2022 By PAYCEC

The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive that governs payment systems and service providers within the European Union (EU) and the European Economic Area (EEA) (EEA).

PSD2 is an EU directive that establishes criteria for payment service providers. It will affect banks and building societies, payment institutions, e-money institutions, and their clients.

The PSD2 was designed to promote pan-European competition and non-bank engagement in the payments business, as well as to assure equality by standardizing consumer, payment provider, and user rights and obligations. The PSD2 directive's main goals are to make the European payments market more interconnected, as well as to strengthen payment security and consumer protection.

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